最新报道：According to the Bijie.com news, the Federal Reserve's reverse repurchase agreements (RRPs) have fallen to their lowest level in 1,596 days, signaling cracks in the pillars of global market liquidity. This result, suggesting tightening financial conditions, has raised alarm on Wall Street and in the cryptocurrency community. Experts warn that as the Fed's reverse repos have fallen to a five-year low, Kevin Malone, founder of Malone Wealth, noted the downward trend and warned of the erosion of "excess buffers" in financial markets. He explained that once the RRPs are empty, each new Treasury issuance must be absorbed directly by private buyers rather than being offset by cash parked at the Fed. He said this shift could push up bond yields while forcing banks, hedge funds, and money market funds to compete harder for funding. Others believe that the Fed's inaction will lead to problems in markets, banks, and potentially even government funding. Schwarzberg co-founder Bruce linked the decline in RRPs to broader risks for stocks, bonds, and Bitcoin. He explained that the $2 trillion in excess liquidity accumulated during the pandemic acted as a dynamometer, sustaining markets even amid rising interest rates. However, with this liquidity nearly depleted, underlying vulnerabilities are exposed. Meanwhile, Joseph Brown of Heresy Financial emphasized that despite the depletion of the RRP, the US Treasury continues to increase short-term borrowing. He estimates that $1.5 trillion in notes could be added to the market by the end of the year. Meanwhile, some see the liquidity crunch as a prelude to the next phase of monetary easing. Cryptocurrency analyst Quinten believes that once the RRP balance falls to zero, quantitative easing (QE) and new money issuance will become inevitable. The liquidity engine that has silently propped up the market for years is beginning to fail, and the Federal Reserve faces an increasingly narrow path between rising funding costs, surging Treasury bond supply, and market stability. The next move could involve bond market turmoil, emergency easing, or a Bitcoin rally, all depending on how quickly the last bit of RRP liquidity is exhausted.