The Fed's quantitative tightening program wraps up today, but here's the twist—repo facility usage just spiked hard. Why does this matter?

When QT ends, you'd expect liquidity to stabilize or even loosen up a bit. But a surge in overnight repo borrowing tells a different story. Banks and financial institutions are scrambling for short-term cash, which hints at underlying stress in the system.

For risk assets—crypto included—this creates a messy picture. More liquidity usually means higher asset prices. But if institutions are leaning heavy on emergency funding tools, it signals fragility rather than strength.

Keep an eye on how this plays out over the next few weeks. Liquidity conditions drive everything.