The TGA drain starts today, and historically its liquidity flow leads $btc by roughly one week. During the 2019 shutdown, $btc bottomed and recovered over 12 days as liquidity normalized. This has been the most challenging stretch of the liquidity squeeze: its peak effect hit this week. Reopening the government releases an estimated 150B of excess TGA liquidity, providing a meaningful tailwind as it enters markets. With economic data paused, uncertainty has driven the near-term repricing. Nvidia’s earnings next week offer the next clear signal for risk. The worst is likely behind us. The setup is improving. Patience is key.(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)