OPEN-SOURCE SCRIPT
Global Net Liquidity (5-Bank)
Global Net Liquidity (5-Bank)
A USD proxy for usable global liquidity:
Fed assets + ECB + BoJ + PBoC + BoE
− US Treasury General Account (TGA)
− Fed overnight reverse repo (RRP)
This is not M2 and not Fed-only net liquidity. It is the standard 5-bank reconstruction used on public charts. It will not match a 16-bank internal series exactly, but the level and shape should rhyme: ~31T peak in 2021–22, ~25T now.
How to read
• Rising and within ~8% of the last cycle peak → liquidity tailwind for BTC; alts can work.
• Flat and still well below that peak → grind. BTC over alts. Do not treat a price squeeze as proof liquidity turned.
• Falling → headwind. Cash rules dominate.
• US row: RRP is no longer the drain. TGA is. A TGA spend adds liquidity; a TGA refill removes it.
Units
FRED and TradingView do not share one scale (WALCL/TGA in millions, RRP in billions or raw dollars, JPNASSETS in 100 million yen or yen). The script auto-detects and clamps each component so a single bad print cannot send the axis to −20,000T. If Level is not roughly 25–27T, a feed changed — do not use the panel.
Use
Add to a separate pane on BTCUSD or SPX, weekly preferred. The table is the decision layer. The gold line is the history. This is a regime overlay, not a buy/sell signal.
Not financial advice. Central-bank data is lagged, FX-translated, and revised.
A USD proxy for usable global liquidity:
Fed assets + ECB + BoJ + PBoC + BoE
− US Treasury General Account (TGA)
− Fed overnight reverse repo (RRP)
This is not M2 and not Fed-only net liquidity. It is the standard 5-bank reconstruction used on public charts. It will not match a 16-bank internal series exactly, but the level and shape should rhyme: ~31T peak in 2021–22, ~25T now.
How to read
• Rising and within ~8% of the last cycle peak → liquidity tailwind for BTC; alts can work.
• Flat and still well below that peak → grind. BTC over alts. Do not treat a price squeeze as proof liquidity turned.
• Falling → headwind. Cash rules dominate.
• US row: RRP is no longer the drain. TGA is. A TGA spend adds liquidity; a TGA refill removes it.
Units
FRED and TradingView do not share one scale (WALCL/TGA in millions, RRP in billions or raw dollars, JPNASSETS in 100 million yen or yen). The script auto-detects and clamps each component so a single bad print cannot send the axis to −20,000T. If Level is not roughly 25–27T, a feed changed — do not use the panel.
Use
Add to a separate pane on BTCUSD or SPX, weekly preferred. The table is the decision layer. The gold line is the history. This is a regime overlay, not a buy/sell signal.
Not financial advice. Central-bank data is lagged, FX-translated, and revised.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.