Regarding the importance of liquidity, this is also a topic that many friends talk about the most. Let's talk about it briefly here. Without water, people will die; without liquidity, the market will be finished. Why has the cryptocurrency risk market been sideways or even falling since April this year? Most tax revenues are received in April, which reduces the borrowing needs of the Ministry of Finance. We can observe this from the number of Treasury bills issued between April and June. Because the issuance of Treasury bills is in a "net reduction" state, liquidity in the system is withdrawn. Even if the government increases borrowing overall, the reduction in cash-like tools provided by the Treasury will withdraw liquidity from the market. Simply put, cash is still trapped on the balance sheet of the Federal Reserve Bank (i.e., the reverse repo market) and cannot drive the growth of financial asset prices. #流动性 #加密市场反弹 #美联储何时降息？