Bitcoin Price vs USD Liquidity Composite

Composite ≈ Fed Balance Sheet − Reverse Repo − Treasury General Account.

This chart compares Bitcoin’s price to a simple proxy for global USD liquidity, constructed as Fed total assets minus usage of the overnight reverse repo facility and the U.S. Treasury General Account (TGA) balance.

When the Federal Reserve expands its balance sheet or the Treasury draws down the TGA, liquidity tends to flow into markets. By contrast, rising reverse repo balances and a growing TGA usually reflect liquidity being pulled out of the private sector. Because Bitcoin is highly sensitive to shifts in dollar liquidity, major cycles in this composite often line up with turning points in BTC price.

Use the duration buttons to explore how changes in USD liquidity have coincided with bull markets, corrections, and halving cycles over time.