Global Liquidity vs Bitcoin

What is "Global Liquidity"?

The Fed's contribution is NET of TGA (Treasury's checking account at the Fed) and reverse repo (cash parked overnight at the Fed) — both are dollars that left the banking system and aren't available to markets, so counting them would overstate liquidity. The other 4 banks are used gross (no equivalent free data exists for them). When central banks print money / buy bonds ("quantitative easing"), this number rises. When they shrink their balance sheets ("quantitative tightening"), it falls. The idea: more global liquidity → more cash available to flow into risk assets like stocks and Bitcoin. Because the four non-dollar balance sheets are converted month by month, a falling dollar raises this line even if no central bank does anything.