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USD LIQUIDITY IS THE REAL BTC RISK The liquidity story has changed. RRP is nearly depleted, while TGA keeps rising and bank reserves remain under pressure. With the old liquidity buffer gone, further TGA cash buildup can impact reserves directly. $BTC is most sensitive through TradFi flows and funding costs, while $ETH feels tighter liquidity through higher DeFi borrowing costs, slower stablecoin growth and reduced on-chain leverage. The key question is where the next dollar goes.