Net Liquidity Tightens, Stops Tighten

November 16, 2025 Update

MACRO

From a macro perspective, although the latest M2 data showed an increase in the monetary base of the U.S. economy, net liquidity has actually tightened over the past few weeks. This typically hurts risk assets like stocks and cryptocurrencies in the short term.

Financial conditions are still healthy, but it’s better to keep an eye on net liquidity.