<h2>流动性正在急剧上升——但它究竟来自哪里？</h2>
<h3>激增</h3>
<p>上周的焦点是日元套利交易，并指出它是流动性的众多边际驱动因素之一。随着这一点显然已成为过去，鉴于自那篇文章发布以来又一次日元干预发生，我们需要面对一个关键现实：</p>
<p><strong>美元流动性正在急剧上升。</strong></p>
<p>我在去年夏末/初秋变得更加谨慎的主要原因之一是流动性显然在回落。不仅回购市场面临越来越严重的困境，广义货币供应也在减速。</p>
<p>名义上，M2 仍在增长（几乎总是如此），但这不是正确的指标——正确的指标是货币供应的_变化率_，而这在 2025 年春末开始回落。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/92018811-f4bc-4760-ac00-dc8307021932/Screenshot_2026-05-10_at_6.28.41_AM.png/query-dD0xNzc4NDE5NzMw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/92018811-f4bc-4760-ac00-dc8307021932/Screenshot_2026-05-10_at_6.28.41_AM.png/query-dD0xNzc4NDE5NzMw"/></p>
<p>M2（广义货币）供应，6 个月变化率</p>
<p>但最近发生了一些显著的事情：我们在金融系统中看到了巨大的流动性激增。</p>
<p>股市直线上升。比特币距离近期低点上涨了 30%。但这股流动性究竟来自何处令人好奇。</p>
<p>让我们先看看广义货币。M2，或广义货币供应，是衡量经济中总货币量的指标，包括现金、可支票存款和易于转换的 “近似货币”。</p>
<p>稍微放大一下，看看过去 5 年（以及更短的变化率时间框架），我们可以看到在过去几个月中确实出现了这 “广义货币” 的激增。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e81899ae-94ce-4695-be48-34242c0fa315/Screenshot_2026-05-10_at_6.42.32_AM.png/query-dD0xNzc4NDIwNTU3?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e81899ae-94ce-4695-be48-34242c0fa315/Screenshot_2026-05-10_at_6.42.32_AM.png/query-dD0xNzc4NDIwNTU3"/></p>
<p>M2 货币和 3 个月变化率。</p>
<p>请记住，虽然每个人都关注美联储的货币印刷，但一个更大的驱动因素（绝对值上）是私人银行的信贷创造。正如理查德·维尔纳（Richard Werner）详尽证明的那样，私人银行在发放新贷款时是从无到有地印刷货币。</p>
<p>事实上，私人银行的信贷创造是一个比美联储更大的驱动因素，M2 的规模是 M0（基础货币，包括银行准备金和实物货币）的 4 倍以上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a776c583-ffac-4fa3-8179-9e90d6b25316/Screenshot_2026-05-10_at_6.49.00_AM.png/query-dD0xNzc4NDIwOTQ1?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a776c583-ffac-4fa3-8179-9e90d6b25316/Screenshot_2026-05-10_at_6.49.00_AM.png/query-dD0xNzc4NDIwOTQ1"/></p>
<p>M2 货币供应，M0 货币供应，总银行贷款和租赁</p>
<h2>美联储的印钞机</h2>
<p>大多数比特币爱好者可能想象流动性激增来自美联储。当然，美联储_可以并且确实_印刷货币。</p>
<p>当美联储进行量化宽松（“QE”）时，他们是在印刷货币，具体来说，是所谓的银行准备金。他们然后用这些新印刷的美元购买银行的各种证券。银行获得新印刷的（数字）美元，而美联储则获得一项资产以放在其资产负债表上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ed79d1e9-952e-4bc8-90c6-4fe30b0b0be9/Screenshot_2026-05-10_at_7.03.25_AM.png/query-dD0xNzc4NDIxODEx?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ed79d1e9-952e-4bc8-90c6-4fe30b0b0be9/Screenshot_2026-05-10_at_7.03.25_AM.png/query-dD0xNzc4NDIxODEx"/></p>
<p>美联储资产与其负债的对比</p>
<p>显然，我们知道美联储一直在进行货币印刷。他们称之为 “准备金管理购买”，但本质上是量化宽松，只是他们购买的是短期国债，而不是长期证券（以解决 2025 年出现的回购市场问题）。</p>
<p>自 2025 年 11 月开始这些 RMP 以来，他们的资产负债表增长了约 2000 亿美元。银行准备金（占 M0 货币供应的一半）大约是抵消负债的一半，TGA 的适度增长占其余部分。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/15a92cc0-e837-4a35-8f3d-7395f4e1b2fb/Screenshot_2026-05-10_at_7.15.36_AM.png/query-dD0xNzc4NDIyNTQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/15a92cc0-e837-4a35-8f3d-7395f4e1b2fb/Screenshot_2026-05-10_at_7.15.36_AM.png/query-dD0xNzc4NDIyNTQw"/></p>
<p>银行准备金</p>
<p><strong>美联储的印钞机无疑是流动性激增的重要原因。</strong></p>
<h2>但还有更多：</h2>
<p>美联储显然在推动其中的一部分，但故事还有更多：</p>
<p>记住广义货币供应吗？它的一个组成部分正在激增——银行存款。</p>
<p>如前所述，M2 实际上在整体信贷创造中占据了更大的份额，我们可以看到自 12 月第一周（RMP 开始时）以来银行存款增加了 <strong>6110 亿美元</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d9be6b65-038e-45e5-b1dd-321c537cabf7/Screenshot_2026-05-10_at_7.22.34_AM.png/query-dD0xNzc4NDIyOTYx?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d9be6b65-038e-45e5-b1dd-321c537cabf7/Screenshot_2026-05-10_at_7.22.34_AM.png/query-dD0xNzc4NDIyOTYx"/></p>
<p>银行存款，带有 2024-2025 年大致增长率的趋势线</p>
<p>当一家私人银行向个人或公司发放贷款时，会同时发生两件事情：</p>
<ol>
<li>创建一个存款（银行的负债，你的资产）</li>
<li>创建一个贷款（银行的资产，你的负债）</li>
</ol>
<p>由于存款和广义货币显然在激增，我们必须查看更详细的数据以获得更多见解。以下是来自美联储的数据。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/efe08432-301c-4928-8ce7-641e53461f49/Screenshot_2026-05-10_at_7.17.33_AM.jpeg/query-dD0xNzc4NDIzMjg2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/efe08432-301c-4928-8ce7-641e53461f49/Screenshot_2026-05-10_at_7.17.33_AM.jpeg/query-dD0xNzc4NDIzMjg2"/></p>
<p>美联储的银行资产/负债报告，提取于 2026 年 5 月 10 日。为强调添加的线条。</p>
<p>我们看到几件事情：</p>
<ol>
<li>整体银行资产（贷款）以大约 7-8% 的速度增长</li>
<li>这些贷款主要是商业和工业贷款</li>
<li>反向回购在 3 月显著回升，经过几个月的下降</li>
<li>对其他商业银行的贷款以非常快速的速度增长</li>
</ol>
<p>不幸的是，我们无法获得更详细的信息。这与人工智能和数据中心有关吗？如果我必须猜测，考虑到这个行业在最近一段时间对美国经济的巨大影响，这很可能是主要驱动因素，但无法确定。</p>
<p><strong>但很明显，这一流动性激增不仅仅是由美联储的货币印刷推动的——私人银行也在以非常快速的速度印刷货币，但并不是来自消费者或房地产方面。</strong></p>
<p>还有一点是确定的：随着流动性激增，它最终会流向稀缺资产，如比特币。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

BTCS

BITF

GLXY

<p>流动性正在激增，主要受到私人银行信贷创造和美联储近期行动的推动，包括储备管理购买。这一激增在股市和比特币价格中得到了体现，后者正在从近期低点恢复。广义货币供应量，特别是 M2，已经显著增长，自 2025 年 12 月以来，银行存款增加了 6110 亿美元。整体银行资产以约 7-8% 的速度增长，表明金融环境强劲，这可能导致对比特币等稀缺资产的投资增加</p>

<h2>Liquidity is absolutely surging- but where is it actually coming from?</h2>
<div class="lb-trans"><h2>流动性正在急剧上升——但它究竟来自哪里？</h2>
</div><h3>The Surge</h3>
<div class="lb-trans"><h3>激增</h3>
</div><p>Last week focused on the Yen Carry Trade and noted it as being one of the many marginal drivers of liquidity. With that clearly in the rear-view mirror, as yet another Yen intervention has occurred since that article was published, we need to confront a critical reality:</p>
<div class="lb-trans"><p>上周的焦点是日元套利交易，并指出它是流动性的众多边际驱动因素之一。随着这一点显然已成为过去，鉴于自那篇文章发布以来又一次日元干预发生，我们需要面对一个关键现实：</p>
</div><p><strong>Dollar liquidity is absolutely soaring.</strong></p>
<div class="lb-trans"><p><strong>美元流动性正在急剧上升。</strong></p>
</div><p>One of the primary reasons I became more cautious in late-summer/early-fall of last year was due to liquidity very clearly rolling over. Not only was the repo market in increasingly severe distress, the broad money supply was decelerating.</p>
<div class="lb-trans"><p>我在去年夏末/初秋变得更加谨慎的主要原因之一是流动性显然在回落。不仅回购市场面临越来越严重的困境，广义货币供应也在减速。</p>
</div><p>Nominally, M2 was still growing (and almost always does), but that's the wrong metric – the right metric is the <em>rate of change</em> of the money supply, and that started to roll over in the late spring of 2025.</p>
<div class="lb-trans"><p>名义上，M2 仍在增长（几乎总是如此），但这不是正确的指标——正确的指标是货币供应的_变化率_，而这在 2025 年春末开始回落。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/92018811-f4bc-4760-ac00-dc8307021932/Screenshot_2026-05-10_at_6.28.41_AM.png/query-dD0xNzc4NDE5NzMw" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/92018811-f4bc-4760-ac00-dc8307021932/Screenshot_2026-05-10_at_6.28.41_AM.png?t=1778419730"/></p>
<p>M2 (broad money) supply, 6-month rate of change</p>
<div class="lb-trans"><p>M2（广义货币）供应，6 个月变化率</p>
</div><p>But something notable has been happening recently: we've been seeing a huge surge of liquidity in the financial system.</p>
<div class="lb-trans"><p>但最近发生了一些显著的事情：我们在金融系统中看到了巨大的流动性激增。</p>
</div><p>The stock market is vertical. Bitcoin is 30% off its recent lows. But where it's coming from is curious.</p>
<div class="lb-trans"><p>股市直线上升。比特币距离近期低点上涨了 30%。但这股流动性究竟来自何处令人好奇。</p>
</div><p>Let's look at broad money first. M2, or the broad money supply, is a measure of the total amount of money in an economy, including physical cash, checkable deposits, and easily convertible ‘near money'.</p>
<div class="lb-trans"><p>让我们先看看广义货币。M2，或广义货币供应，是衡量经济中总货币量的指标，包括现金、可支票存款和易于转换的 “近似货币”。</p>
</div><p>Zooming in a bit and looking at just the past 5 years (and a shorter rate of change timeframe), we can see there was definitely a surge of this &#34;broad money&#34; in the past few months.</p>
<div class="lb-trans"><p>稍微放大一下，看看过去 5 年（以及更短的变化率时间框架），我们可以看到在过去几个月中确实出现了这 “广义货币” 的激增。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e81899ae-94ce-4695-be48-34242c0fa315/Screenshot_2026-05-10_at_6.42.32_AM.png/query-dD0xNzc4NDIwNTU3" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e81899ae-94ce-4695-be48-34242c0fa315/Screenshot_2026-05-10_at_6.42.32_AM.png?t=1778420557"/></p>
<p>M2 Money and 3-month rate of change.</p>
<div class="lb-trans"><p>M2 货币和 3 个月变化率。</p>
</div><p>Remember, while everyone focuses on the Fed's money printing, a far larger driver (in absolute terms) is private bank credit creation. As Richard Werner has exhaustively proven, private banks print money from nothing when they extend a new loan.</p>
<div class="lb-trans"><p>请记住，虽然每个人都关注美联储的货币印刷，但一个更大的驱动因素（绝对值上）是私人银行的信贷创造。正如理查德·维尔纳（Richard Werner）详尽证明的那样，私人银行在发放新贷款时是从无到有地印刷货币。</p>
</div><p>In fact, private bank credit creation is a much larger driver than the Fed's with M2 over 4x larger than M0 (base money, including Bank Reserves and physical currency).</p>
<div class="lb-trans"><p>事实上，私人银行的信贷创造是一个比美联储更大的驱动因素，M2 的规模是 M0（基础货币，包括银行准备金和实物货币）的 4 倍以上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a776c583-ffac-4fa3-8179-9e90d6b25316/Screenshot_2026-05-10_at_6.49.00_AM.png/query-dD0xNzc4NDIwOTQ1" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a776c583-ffac-4fa3-8179-9e90d6b25316/Screenshot_2026-05-10_at_6.49.00_AM.png?t=1778420945"/></p>
<p>M2 Money Supply, M0 Money Supply, Total Bank Loans and Leases</p>
<div class="lb-trans"><p>M2 货币供应，M0 货币供应，总银行贷款和租赁</p>
</div><h2>The Fed's Money Printer</h2>
<div class="lb-trans"><h2>美联储的印钞机</h2>
</div><p>Most bitcoiners are probably imagining that the surge of liquidity is coming from the Fed. Of course, the Fed <em>can and does</em> print money.</p>
<div class="lb-trans"><p>大多数比特币爱好者可能想象流动性激增来自美联储。当然，美联储_可以并且确实_印刷货币。</p>
</div><p>When the Federal Reserve conducts Quantitative Easing (&#34;QE&#34;), they are printing money, specifically, what are known as bank reserves. They then use these freshly printed dollars to purchase various securities from the banks. Banks get freshly printed (digital) dollars, and the Fed gets an asset to put on its balance sheet.</p>
<div class="lb-trans"><p>当美联储进行量化宽松（“QE”）时，他们是在印刷货币，具体来说，是所谓的银行准备金。他们然后用这些新印刷的美元购买银行的各种证券。银行获得新印刷的（数字）美元，而美联储则获得一项资产以放在其资产负债表上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ed79d1e9-952e-4bc8-90c6-4fe30b0b0be9/Screenshot_2026-05-10_at_7.03.25_AM.png/query-dD0xNzc4NDIxODEx" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ed79d1e9-952e-4bc8-90c6-4fe30b0b0be9/Screenshot_2026-05-10_at_7.03.25_AM.png?t=1778421811"/></p>
<p>Fed Assets versus their liabilities</p>
<div class="lb-trans"><p>美联储资产与其负债的对比</p>
</div><p>Obviously, we know the Fed has been engaged in money printing. They are calling it &#34;Reserve Management Purchases&#34;, but it's essentially QE just instead of long-term securities, they're purchasing short-term treasuries (to address the repo market issues seen in 2025).</p>
<div class="lb-trans"><p>显然，我们知道美联储一直在进行货币印刷。他们称之为 “准备金管理购买”，但本质上是量化宽松，只是他们购买的是短期国债，而不是长期证券（以解决 2025 年出现的回购市场问题）。</p>
</div><p>Their balance sheet has grown by about $200 billion since they started these RMP's in November 2025. Bank reserves (which make up half of the M0 money supply), are about half of the offsetting liabilities, with a modest increase in the TGA making up the rest.</p>
<div class="lb-trans"><p>自 2025 年 11 月开始这些 RMP 以来，他们的资产负债表增长了约 2000 亿美元。银行准备金（占 M0 货币供应的一半）大约是抵消负债的一半，TGA 的适度增长占其余部分。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/15a92cc0-e837-4a35-8f3d-7395f4e1b2fb/Screenshot_2026-05-10_at_7.15.36_AM.png/query-dD0xNzc4NDIyNTQw" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/15a92cc0-e837-4a35-8f3d-7395f4e1b2fb/Screenshot_2026-05-10_at_7.15.36_AM.png?t=1778422540"/></p>
<p>Bank Reserves</p>
<div class="lb-trans"><p>银行准备金</p>
</div><p><strong>The Fed's money printer is surely a significant cause of the surge in liquidity.</strong></p>
<div class="lb-trans"><p><strong>美联储的印钞机无疑是流动性激增的重要原因。</strong></p>
</div><h2>But There's More:</h2>
<div class="lb-trans"><h2>但还有更多：</h2>
</div><p>The Fed is clearly driving some of this, but there's more to the story:</p>
<div class="lb-trans"><p>美联储显然在推动其中的一部分，但故事还有更多：</p>
</div><p>Remember the broad money supply? One of its components is surging- bank deposits.</p>
<div class="lb-trans"><p>记住广义货币供应吗？它的一个组成部分正在激增——银行存款。</p>
</div><p>As previously mentioned, M2 is actually a much larger share of overall credit creation as we can see here from the <strong>$611 billion increase</strong> in bank deposits since the first week of December (when RMP's started).</p>
<div class="lb-trans"><p>如前所述，M2 实际上在整体信贷创造中占据了更大的份额，我们可以看到自 12 月第一周（RMP 开始时）以来银行存款增加了 <strong>6110 亿美元</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d9be6b65-038e-45e5-b1dd-321c537cabf7/Screenshot_2026-05-10_at_7.22.34_AM.png/query-dD0xNzc4NDIyOTYx" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d9be6b65-038e-45e5-b1dd-321c537cabf7/Screenshot_2026-05-10_at_7.22.34_AM.png?t=1778422961"/></p>
<p>Bank Deposits, with trend line for approximate growth rate from 2024-2025</p>
<div class="lb-trans"><p>银行存款，带有 2024-2025 年大致增长率的趋势线</p>
</div><p>When a private bank goes to extend a loan to an individual or corporation, two things happen simultaneously:</p>
<div class="lb-trans"><p>当一家私人银行向个人或公司发放贷款时，会同时发生两件事情：</p>
</div><ol>
<li>A deposit is created (bank's liability, your asset)</li>
<li>A loan is created (bank's asset, your liability)</li>
</ol>
<div class="lb-trans"><ol>
<li>创建一个存款（银行的负债，你的资产）</li>
<li>创建一个贷款（银行的资产，你的负债）</li>
</ol>
</div><p>Since deposits and broad money are clearly surging, we must look at the more granular data to get more insight. Here is the data straight from the Federal Reserve.</p>
<div class="lb-trans"><p>由于存款和广义货币显然在激增，我们必须查看更详细的数据以获得更多见解。以下是来自美联储的数据。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/efe08432-301c-4928-8ce7-641e53461f49/Screenshot_2026-05-10_at_7.17.33_AM.jpeg/query-dD0xNzc4NDIzMjg2" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/efe08432-301c-4928-8ce7-641e53461f49/Screenshot_2026-05-10_at_7.17.33_AM.jpeg?t=1778423286"/></p>
<p>Fed's bank asset/liabilities report, pulled May 10th 2026. Lines added for emphasis.</p>
<div class="lb-trans"><p>美联储的银行资产/负债报告，提取于 2026 年 5 月 10 日。为强调添加的线条。</p>
</div><p>What we see is a few things:</p>
<div class="lb-trans"><p>我们看到几件事情：</p>
</div><ol>
<li>Overall bank assets (loans) are growing at a significant ~7-8%</li>
<li>These loans are primarily Commercial and Industrial loans</li>
<li>Reverse repos picked back up significantly in March after months of decline</li>
<li>Loans to other commercial banks are growing at a very rapid rate</li>
</ol>
<div class="lb-trans"><ol>
<li>整体银行资产（贷款）以大约 7-8% 的速度增长</li>
<li>这些贷款主要是商业和工业贷款</li>
<li>反向回购在 3 月显著回升，经过几个月的下降</li>
<li>对其他商业银行的贷款以非常快速的速度增长</li>
</ol>
</div><p>We don't get anything more granular than this, unfortunately. Is it AI and datacenter-related? If I had to guess, given the outsized role this one sector has had on the US economy over recent time, this is the most likely driver, but it's impossible to know for certain.</p>
<div class="lb-trans"><p>不幸的是，我们无法获得更详细的信息。这与人工智能和数据中心有关吗？如果我必须猜测，考虑到这个行业在最近一段时间对美国经济的巨大影响，这很可能是主要驱动因素，但无法确定。</p>
</div><p><strong>But, it's clear that this surge of liquidity is not just being driven by the Fed's money printing- private banks are also printing money at a very rapid rate, but not from the consumer or real estate side.</strong></p>
<div class="lb-trans"><p><strong>但很明显，这一流动性激增不仅仅是由美联储的货币印刷推动的——私人银行也在以非常快速的速度印刷货币，但并不是来自消费者或房地产方面。</strong></p>
</div><p>One thing is also certain: as liquidity surges, it eventually makes its way to scarce assets like bitcoin.</p>
<div class="lb-trans"><p>还有一点是确定的：随着流动性激增，它最终会流向稀缺资产，如比特币。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

流动性正在激增，并可能流入比特币等稀缺资产