Just now, a friend privately messaged me about this image. It shows the scale of U.S. Treasury purchases by the Federal Reserve in temporary open market operations, which we commonly refer to as overnight repurchase agreements (Repo).

We can see that on October 31, 2025, the overnight repo suddenly surged to $29.4 billion. For the past few years, this figure has been almost consistently close to zero, until this year when a noticeable jump began to occur, and the frequency and scale of recent surges have been increasing.

Generally, such changes indicate that there is short-term dollar liquidity pressure in the funding market, where banks or institutions need cash and can only pledge U.S. Treasuries to the Federal Reserve in exchange for funds. The Federal Reserve then provides liquidity to the system through repo operations.

This type of counter-cyclical repo essentially belongs to structural liquidity support, which is not equivalent to comprehensive QE, but is usually seen as a signal of "implicit easing," indicating that the funding environment is not completely loose and that the Federal Reserve is passively alleviating tension.

Currently, the scale is not large, which does not indicate a crisis, but it reflects that the short-term funding chain is starting to tighten, and we need to closely monitor whether this trend continues to expand. If the Federal Reserve can achieve further easing, it would be beneficial for risk assets like $BTC.

This article is sponsored by #Bitget ｜ @Bitget_zh

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