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The TGA pumped to $830bln by May 27th, while at the same time reverse repo volume trended toward zero.
=> Liquidity is getting drained out of the system.
Markets get a good bit more sensitive when that happens & $BTC is always the leading indicator for other less-liquidity-sensitive markets.
Mid-July we'll get hyperscaler earnings & another CPI print. That's where I see the first real risk for stocks to get a proper correction.