Delphi Digital：美联储逆回购余额归零或标志流动性拐点临近

Core Viewpoint - Delphi Digital indicates that the Federal Reserve's reverse repurchase (RRP) balance has depleted from a peak of over $2 trillion to nearly $0, signaling the formal disappearance of liquidity buffers [1] Group 1: Federal Reserve Actions - Future Treasury bond issuance or TGA replenishment will directly withdraw bank reserves [1] - The Federal Reserve may be forced to shift from "balance sheet reduction" to "balance sheet expansion" to avoid a repeat of the 2019 repo crisis [1] Group 2: Market Implications - With quantitative tightening (QT) nearing its end and TGA potentially declining, marginal liquidity in the U.S. is turning positive [1] - The tightening monetary conditions that have affected the cryptocurrency market over the past two years may be approaching a turning point [1]