CRYPTO LIQUIDITY — MACRO TRANSMISSION + STABLECOIN FLOW + RISK ROTATION
Crypto Liquidity Monitor
Tracking whether macro liquidity is reaching BTC, ETH, SOL, alts, and crypto beta.
CRYPTO BIAS
Risk-Off
Risk-OnRisk-Off
(D) Final crypto liquidity regime
STABLECOIN SIGNAL
Drain
RotationDefensive
(D) Stablecoin supply + dominance
ROTATION SIGNAL
Mixed
Alt RotationBTC-Led
(D) BTC vs ETH / alt risk
LEVERAGE HEAT
Neutral
CoolOverheated
(D) Funding + OI + borrow cost
BTC DOMINANCE
56.63%
(D) Higher = BTC-led / defensive
ETH/BTC
0.02908
(D) 24h -0.38%
STABLECOIN DOMINANCE
13.44%
(D) Higher = more defensive cash
TOTAL3 PROXY
$764.0B
(D) Total market cap ex BTC / ETH
MACRO CONNECTION
Macro-to-Crypto Transmission
URLI
-64.50
(W) Bearish liquidity contraction
PROJECTED URLI
-9.50
(W) Next wk est. · Neutral · wide ±band
GMLCI
+18.25
(W) Mild global liquidity support
RISK GATE
Restricted
(W) Final filter before risk assets
CRYPTO TRANSMISSION
Risk-Off
(D) Stablecoins + rotation + leverage
URLI+GMLCI→Risk Gate→BTC / ETH→Crypto Beta
Liquidity can exist in the system, but it only becomes bullish for crypto when it passes through the gates and reaches Crypto Beta.
CRYPTO-NATIVE MONEY SUPPLY
Stablecoin Liquidity
TOTAL STABLECOIN SUPPLY
$306.9B
(D) 7D -0.19% · 30D -1.15%
STABLECOIN DOMINANCE
13.44%
(D) Higher = more defensive cash
USDT SUPPLY
$182.8B
(D) 7D -0.61% · 30D -0.73%
USDC SUPPLY
$72.2B
(D) 7D -0.31% · 30D -1.17%
STABLECOIN SIGNAL
Drain
RotationDefensive
(D) Supply trend + stablecoin dominance read
Stablecoin supply measures dry powder. Stablecoin dominance measures whether that dry powder is staying defensive or rotating into crypto risk.
RISK ROTATION
BTC / ETH / Alt Rotation
BTC DOMINANCE
56.63%
(D) Higher = BTC-led / defensive
ETH DOMINANCE
9.91%
(D) Used with ETH/BTC to judge broadening
SOL DOMINANCE
1.88%
(D) Higher = SOL share of total market
ETH/BTC
0.02908
(D) 24h -0.38%
TOTAL3 PROXY
$764.0B
(D) Total crypto market cap ex BTC / ETH
ROTATION SIGNAL
Mixed
Alt RotationBTC-Led
(D) Rising ETH/BTC suggests rotation beyond BTC
Rotation is the key question: liquidity may reach BTC first, but high-beta crypto needs ETH/BTC and TOTAL3 confirmation.
POSITION AGGRESSION
Funding, Borrowing & Yield APY
BTC FUNDING APY
N/A
ShortsLongs
(D) Latest 8h funding unavailable
ETH FUNDING APY
N/A
ShortsLongs
(D) Latest 8h funding unavailable
SOL FUNDING APY
N/A
ShortsLongs
(D) Latest 8h funding unavailable
BTC OPEN INTEREST
TBD
(D) TBD open interest
ETH OPEN INTEREST
TBD
(D) TBD open interest
SOL OPEN INTEREST
TBD
(D) TBD open interest
USDT BORROW COST APY
N/A
(D) Bybit USDT borrow rate unavailable: HTTP Error 403: Forbidden
USDS SAVINGS APY
+3.52%
(D) Sky Savings Rate (sUSDS)
FUTURES INTEREST APY
N/A
ShortsLongs
(D) Baseline futures interest component
LEVERAGE HEAT
Neutral
CoolOverheated
(D) Funding + OI + borrow cost
Funding and futures interest are converted from 8h rates into compounded APY. APY assumes the current 8h rate persists for a full year and compounds every funding period; it is not guaranteed yield.
INTERPRETATION
Crypto Bias Playbook
| Regime | Conditions | Crypto Read |
|---|---|---|
| Defensive | Stables rising, Risk Gate restricted, BTC dominance rising | Stay cautious; liquidity not fully deployed |
| BTC-Led | BTC dominance rising, ETH/BTC weak or flat | Liquidity reaching BTC first |
| Risk-On | ETH/BTC rising, stablecoin dominance falling, funding manageable | Broader crypto risk appetite improving |
| High-Beta Risk-On | TOTAL3 rising, ETH/BTC firm, leverage not overheated | Alts / memes receiving liquidity |
| Overheated | Funding and OI hot | Upside can continue, but flush risk is elevated |
| Risk-Off | Stablecoin supply falling, dominance defensive, BTC/ETH weak | Liquidity hiding or leaving crypto risk |
Risk-Off Current read: Risk-Off. Stablecoin signal is Drain; rotation signal is Mixed; leverage heat is Neutral.
SOURCE NOTES
| Module | Cadence | Source | Notes |
|---|---|---|---|
| URLI / GMLCI | Weekly | Existing Liquidity Monitor methodology | Macro liquidity anchor |
| Stablecoin supply | Daily | DeFiLlama | Free no-auth endpoint |
| Stablecoin dominance | Daily | DeFiLlama + CoinGecko | Calculated internally |
| BTC / ETH / SOL dominance | Intraday to daily | CoinGecko (SOL only on CoinGecko; null on fallbacks) | Snapshot daily for reliability |
| ETH/BTC | Intraday | Bybit public spot | Ratio only; no token price card |
| Funding APY (BTC / ETH / SOL) | Daily snapshot from latest 8h rate | Bybit linear futures | Displayed as compounded APY; folded into leverage-heat average |
| Open interest (BTC / ETH / SOL) | Intraday / daily change | Bybit linear futures | Daily Worker source; folded into leverage-heat average |
| Futures interest APY | Daily baseline | Baseline 0.01% / 8h component | Bybit does not expose this as a live ticker field |
| USDC earning yield APY | Daily | DeFiLlama Aave V3 USDC pool | Supply / lending APY proxy |
| USDT borrow cost APY | Daily | Bybit public spot margin data | CEX borrow-cost proxy from hourly USDT borrow rate |
| Liquidations | Later | Public liquidation feed pending | Not included in leverage heat until source is reliable |
| ETF flow | Later | Public tables / scrape | Not included in MVP |
| Status labels | Daily | Crypto daily snapshot | Crypto Bias, Stablecoin Signal, Rotation Signal, Leverage Heat, Crypto Transmission, and Crypto Bias Playbook update from the daily signal snapshot |
| Macro gate labels | Weekly | URLI / GMLCI weekly run | URLI, GMLCI, and Risk Gate update during the weekly macro workflow |
| Cadence labels | (D) / (W) | Renderer convention | (D)=daily crypto snapshot; (W)=weekly manual macro run |
| Field | Source | URL | Cadence |
|---|---|---|---|
| Total market cap / dominance | CoinGecko Global API | https://api.coingecko.com/api/v3/global | intraday to daily |
| Stablecoin supply | DeFiLlama Stablecoins API | https://stablecoins.llama.fi/stablecoins | daily |
| Stablecoin history | DeFiLlama Stablecoin Charts | https://stablecoins.llama.fi/stablecoincharts/all | daily |
| ETH/BTC | Bybit Spot public API | https://api.bybit.com/v5/market/tickers?category=spot&symbol=ETHBTC | intraday |
| Funding / OI (BTC, ETH, SOL) | Binance USD-M Futures public API | https://fapi.binance.com | 8h to daily |
| Bitcoin Power Law daily close | Bybit Spot public API | https://api.bybit.com/v5/market/kline?category=spot&symbol=BTCUSDT&interval=D | daily |
| USDT borrow cost APY | Bybit public spot margin data | https://api.bybit.com/v5/spot-margin-trade/data?vipLevel=No%20VIP¤cy=USDT | daily |
| Stablecoin savings APY (sUSDS) | DeFiLlama Yields API / Sky Savings Rate (sUSDS) | https://defillama.com/yields/pool/d8c4eff5-c8a9-46fc-a888-057c4c668e72 | daily |
| Crypto and meme-beta 24h changes | CoinGecko Simple Price API | https://api.coingecko.com/api/v3/simple/price?ids=bitcoin,ethereum,solana,dogecoin,shiba-inu,pepe,bonk,pudgy-penguins&vs_currencies=usd&include_24hr_change=true | intraday to daily |