Liquidity Is Surging And May Find Its Way To Scarce Assets Like Bitcoin

Benzinga_recent_news05-12 03:13

Last week focused on the Yen Carry Trade and noted it as being one of the many marginal drivers of liquidity. With that clearly in the rear-view mirror, as yet another Yen intervention has occurred ...

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With that clearly in the rear-view mirror, as yet another Yen intervention has occurred ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/05/52465296/liquidity-is-surging-and-may-find-its-way-to-scarce-assets-like-bitcoin\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UBT","symbol_name":"债券20+美国债-ProShares两倍做多","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/05/52465296/liquidity-is-surging-and-may-find-its-way-to-scarce-assets-like-bitcoin","article_id":"2634232569","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/05/11/Gav-Blaxberg_0.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/Opinion/26/05/52465296/liquidity-is-surging-and-may-find-its-way-to-scarce-assets-like-bitcoin","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2634232569","pubTimestamp":1778526780,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"One thing is also certain: as liquidity surges, it eventually makes its way to scarce assets like bitcoin.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UBT":"债券20+美国债-ProShares两倍做多","GOVT":"iShares安硕核心美国国债ETF","MINT":"PIMCO Enhanced Short Maturity Exchange-Traded Fund","SCHO":"嘉信短期美国国债ETF","GBIL":"Goldman Sachs Access Treasury 0-1 Year ETF","09042":"华夏比特币-U","09439":"嘉实比特币-U","BOND":"Pimco Total Return ETF","USHY":"iShares Broad USD High Yield Corporate Bond ETF","FAZ":"三倍做空金融ETF-Direxion","GOLY":"Strategy Shares Gold Enhanced Yield ETF","HYG":"债券指数ETF-iShares iBoxx高收益公司债","VCSH":"美国短期公司债-Vanguard","DPST":"Direxion每日三倍做多区域银行股ETF","VGSH":"美国短期国债ETF-Vanguard","KBE":"银行指数ETF-SPDR KBW","TBT":"债券20+美国债指数ETF-ProShares两倍做空","NGHT":"Nicholas Bitcoin and Treasuries AfterDark ETF","BSV":"短期国债指数ETF-Vanguard","TIP":"通胀债券指数ETF-iShares Barclays","TMF":"3倍做多20年期以上国债ETF-Direxion","ZROZ":"PIMCO 25+ Year Zero Coupon U.S","VCIT":"美国中期公司债-Vanguard","VGIT":"中期国债ETF-Vanguard","JPST":"JPMorgan Ultra-Short Income ETF","BOXX":"ALPHA ARCHITECT 1-3 MONTH BOX ETF","UUP":"美元ETF-PowerShares DB","BIL":"债券指数ETF-SPDR Barclays美国1-3月国债","EDV":"美国延期国债ETF-Vanguard","AGG":"债券指数ETF-iShares Barclays综合国债","DBND":"DoubleLine Opportunistic Bond ETF","09008":"博时比特币-U","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","VGLT":"美国长期国债ETF-Vanguard","SHV":"美国短期国债ETF-iShares","MUB":"美国市政债ETF-iShares","IEI":"iShares Barclays 3-7 Year Trea","IBIT":"比特币ETF-iShares","SHY":"债券指数ETF-iShares Barclays 1-3年国债","UDN":"做空美元指数-PowerShares","BND":"债券指数ETF-Vanguard美国","TYO":"3倍做空7-10年期国债ETF-Direxion","TLH":"iShares安硕10-20年国债ETF","TBIL":"US Treasury 3 Month Bill ETF","SKRE":"TUTTLE CAPITAL DAILY 2X INVERSE REGIONAL BANKS ETF","IAT":"安硕美国地区银行ETF","PBDC":"Putnam Bdc Income ETF","IEF":"债券指数ETF-iShares Barclays 7-10年","LQD":"债券指数ETF-iShares iBoxx投资级公司债"},"translate_title":"流动性激增，可能会流向比特币等稀缺资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09042":1.5,"IBIT":1.5,"SHY":0.9,"VGIT":0.9,"BIL":0.9,"MUB":0.9,"SCHO":0.9,"IEF":0.6,"SKRE":0.9,"TBIL":0.9,"TIP":0.9,"TLH":0.9,"EDV":0.9,"UBT":0.9,"ZFmain":0.6,"USHY":0.9,"VGSH":0.9,"TLTW":0.9,"GOVT":0.9,"IEI":0.9,"HYG":0.9,"VCSH":0.9,"09439":1.5,"GBIL":0.9,"NGHT":0.9,"TMF":0.9,"BND":0.9,"VGLT":0.9,"FAZ":0.9,"VCIT":0.9,"BSV":0.9,"KBE":0.9,"IAT":0.6,"BOND":0.9,"TBT":0.9,"SHV":0.9,"BOXX":0.9,"AGG":0.9,"DPST":0.6,"LQD":0.9,"MINT":0.9,"DBND":0.9,"UDN":0.9,"ZROZ":0.9,"UUP":0.9,"JPST":0.9,"GOLY":0.9,"TYO":0.9,"PBDC":0.9,"09008":1.5},"content_text":"Last week focused on the Yen Carry Trade and noted it as being one of the many marginal drivers of liquidity. With that clearly in the rear-view mirror, as yet another Yen intervention has occurred since that article was published, we need to confront a critical reality:\nDollar liquidity is absolutely soaring.\nOne of the primary reasons I became more cautious in late-summer/early-fall of last year was due to liquidity very clearly rolling over. Not only was the repo market in increasingly severe distress, the broad money supply was decelerating.\nNominally, M2 was still growing (and almost always does), but that's the wrong metric – the right metric is the rate of change of the money supply, and that started to roll over in the late spring of 2025.\nM2 (broad money) supply, 6-month rate of change\nBut something notable has been happening recently: we've been seeing a huge surge of liquidity in the financial system.\nThe stock market is vertical. Bitcoin is 30% off its recent lows. But where it's coming from is curious.\nLet's look at broad money first. M2, or the broad money supply, is a measure of the total amount of money in an economy, including physical cash, checkable deposits, and easily convertible ‘near money'.\nZooming in a bit and looking at just the past 5 years (and a shorter rate of change timeframe), we can see there was definitely a surge of this \"broad money\" in the past few months.\nM2 Money and 3-month rate of change.\nRemember, while everyone focuses on the Fed's money printing, a far larger driver (in absolute terms) is private bank credit creation. As Richard Werner has exhaustively proven, private banks print money from nothing when they extend a new loan.\nIn fact, private bank credit creation is a much larger driver than the Fed's with M2 over 4x larger than M0 (base money, including Bank Reserves and physical currency).\nM2 Money Supply, M0 Money Supply, Total Bank Loans and Leases\nMost bitcoiners are probably imagining that the surge of liquidity is coming from the Fed. Of course, the Fed can and does print money.\nWhen the Federal Reserve conducts Quantitative Easing (\"QE\"), they are printing money, specifically, what are known as bank reserves. They then use these freshly printed dollars to purchase various securities from the banks. Banks get freshly printed (digital) dollars, and the Fed gets an asset to put on its balance sheet.\nFed Assets versus their liabilities\nObviously, we know the Fed has been engaged in money printing. They are calling it \"Reserve Management Purchases\", but it's essentially QE just instead of long-term securities, they're purchasing short-term treasuries (to address the repo market issues seen in 2025).\nTheir balance sheet has grown by about $200 billion since they started these RMP's in November 2025. Bank reserves (which make up half of the M0 money supply), are about half of the offsetting liabilities, with a modest increase in the TGA making up the rest.\nBank Reserves\nThe Fed's money printer is surely a significant cause of the surge in liquidity.\nThe Fed is clearly driving some of this, but there's more to the story:\nRemember the broad money supply? One of its components is surging- bank deposits.\nAs previously mentioned, M2 is actually a much larger share of overall credit creation as we can see here from the $611 billion increase in bank deposits since the first week of December (when RMP's started).\nBank Deposits, with trend line for approximate growth rate from 2024-2025\nWhen a private bank goes to extend a loan to an individual or corporation, two things happen simultaneously:\nSince deposits and broad money are clearly surging, we must look at the more granular data to get more insight. Here is the data straight from the Federal Reserve.\nFed's bank asset/liabilities report, pulled May 10th 2026. Lines added for emphasis.\nWhat we see is a few things:\nWe don't get anything more granular than this, unfortunately. Is it AI and datacenter-related? If I had to guess, given the outsized role this one sector has had on the US economy over recent time, this is the most likely driver, but it's impossible to know for certain.\nBut, it's clear that this surge of liquidity is not just being driven by the Fed's money printing- private banks are also printing money at a very rapid rate, but not from the consumer or real estate side.\nOne thing is also certain: as liquidity surges, it eventually makes its way to scarce assets like bitcoin.\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634232569","isCrawlerRequest":true}