Fed liquidity has been muted (however, we are starting to see early signs of the TGA drawdown we’ve been...

Now that the RRP is essentially drained, dependency shifts towards the Treasury General Account (TGA) drawdown...

Only one instance (March 8, 2025) posted a drawdown worse than –5%, driven by macro tariff fears and...But at its low, that same setup saw an intraday drawdown of –8.54% before recovering – a reminder that...

...the total return of the S&P 500 outright by over 20 points — and did so with roughly the same max drawdown...

The Fee revenue portion of the treasury is ~$7.5M, suggesting a 20% drawdown from Clanker’s realized...

Despite the $700B+ increase in the TGA over that period, we also saw a whopping ~$1.5T drawdown in the...But we expect this drawdown will happen soon....It was the kind of drawdown that kills most startups. And it nearly did Solana in....Again, we foresee the drawdown in the TGA helping to mitigate this risk, at least in first half of 2025...

The RRP drawdown that began after May’s spike looks like a repeat of the March–April pattern.

...recover Sonic (rebranded from Phantom) showing relative strength and increasing TVL despite market drawdown...

The last time RRP volumes peaked at this scale in late March it was followed by a steep drawdown in balances...

Key Takeaways S&P 500 is down 8% from all-time highs with potential for 10-15% total drawdown if...

I have to emphasize relative here, because we did still see a significant drawdown following global market...They just simply nuked exponentially faster relative to $BTC drawdown of -28% from ATH – a far cry from...

There’s also around $450B left in the RRP, which could see another drawdown if MMFs continue to pull...If we don’t see a sizable drawdown in the TGA and/or RRP; if the PBOC doesn’t provide more stimulus to...

Additional unexpected tariffs implemented Equities S&P 500 showing decent relief rally after 10% drawdown...

Given the recent 20%-25% drawdown in BTC, we might expect similar behavior and timelines to playout.

This is in contrast to what many thought would happen to ETF flows when BTC had its first sizeable drawdown...

And he had a 97% draw, a 97 1/2% drawdown, 98 1/2 sorry.

You can even watch the entire group chat get liquidated during a market drawdown (my many liquidations...

...health ratio to minimize liquidation risk on Aave, selling a token when it hits a certain level of drawdown...

But for protocols designed for trading purposes, the drawdown in Users and transactions should be the...

However, the UST roll-off has been outpaced by a more rapid drawdown in the RRP over the last 8-9 months...But the drawdown of the RRP has slowed considerably in recent times— and appears to be bottoming (at...