The tiered structure here is interesting because it acknowledges that liquidity isn’t just a macro condition. It has to transmit through specific channels before it affects an asset. That transmission step is where many traditional liquidity models break down.
Appreciate this, Cleveland. You hit on the exact gap most liquidity models ignore. "M2 up, crypto up" isn't wrong... it's just incomplete. There's a transmission step in between, and it's not constant. Stablecoin flows, ETF inflows, funding rates... they all act as valves that open and close independently. The tiered structure is how we try to capture not just whether liquidity is expanding, but whether it's actually reaching the asset. Glad it resonated.
The tiered structure here is interesting because it acknowledges that liquidity isn’t just a macro condition. It has to transmit through specific channels before it affects an asset. That transmission step is where many traditional liquidity models break down.
Appreciate this, Cleveland. You hit on the exact gap most liquidity models ignore. "M2 up, crypto up" isn't wrong... it's just incomplete. There's a transmission step in between, and it's not constant. Stablecoin flows, ETF inflows, funding rates... they all act as valves that open and close independently. The tiered structure is how we try to capture not just whether liquidity is expanding, but whether it's actually reaching the asset. Glad it resonated.