This isn’t a question of ‘paper hands.’ The O/N RRP is now fully drained – something we haven’t seen since it surged in 2021. Thus, unless the Fed abruptly abandons QT & reverts to QE, US liquidity is going to contract for the 1st time since 2022. And the last time that happened,
@Bitcoin
collapsed 65%.
This isn’t a question of ‘paper hands.’ The O/N RRP is now fully drained – something we haven’t seen since it surged in 2021. Thus, unless the Fed abruptly abandons QT & reverts to QE, US liquidity is going to contract for the 1st time since 2022. And the last time that happened,… https://t.co/L2kGsyJy2j pic.twitter.com/fnzX1tENIC
— Gordon Johnson (@GordonJohnson19) August 25, 2025
91% of Fund Managers believe U.S. Stocks are overvalued, the most in history 🤯👀 pic.twitter.com/3Libp3OChF
— Barchart (@Barchart) August 25, 2025
BREAKING: US margin debt surged +$14.6 billion in July, to a record $1.02 trillion.
This follows the largest monthly increase in history of +$87 billion in June.
Margin debt has risen by +$400 billion, or +67%, over the last 2 years, even outpacing the market's rally.… pic.twitter.com/tahzGruiVG
— The Kobeissi Letter (@KobeissiLetter) August 25, 2025