<h2>流動性正在急劇上升——但它究竟來自哪裏？</h2>
<h3>激增</h3>
<p>上週的焦點是日元套利交易，並指出它是流動性的眾多邊際驅動因素之一。隨着這一點顯然已成為過去，鑑於自那篇文章發佈以來又一次日元干預發生，我們需要面對一個關鍵現實：</p>
<p><strong>美元流動性正在急劇上升。</strong></p>
<p>我在去年夏末/初秋變得更加謹慎的主要原因之一是流動性顯然在回落。不僅回購市場面臨越來越嚴重的困境，廣義貨幣供應也在減速。</p>
<p>名義上，M2 仍在增長（幾乎總是如此），但這不是正確的指標——正確的指標是貨幣供應的_變化率_，而這在 2025 年春末開始回落。</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（廣義貨幣）供應，6 個月變化率</p>
<p>但最近發生了一些顯著的事情：我們在金融系統中看到了巨大的流動性激增。</p>
<p>股市直線上升。比特幣距離近期低點上漲了 30%。但這股流動性究竟來自何處令人好奇。</p>
<p>讓我們先看看廣義貨幣。M2，或廣義貨幣供應，是衡量經濟中總貨幣量的指標，包括現金、可支票存款和易於轉換的 “近似貨幣”。</p>
<p>稍微放大一下，看看過去 5 年（以及更短的變化率時間框架），我們可以看到在過去幾個月中確實出現了這 “廣義貨幣” 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 貨幣和 3 個月變化率。</p>
<p>請記住，雖然每個人都關注美聯儲的貨幣印刷，但一個更大的驅動因素（絕對值上）是私人銀行的信貸創造。正如理查德·維爾納（Richard Werner）詳盡證明的那樣，私人銀行在發放新貸款時是從無到有地印刷貨幣。</p>
<p>事實上，私人銀行的信貸創造是一個比美聯儲更大的驅動因素，M2 的規模是 M0（基礎貨幣，包括銀行準備金和實物貨幣）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 貨幣供應，M0 貨幣供應，總銀行貸款和租賃</p>
<h2>美聯儲的印鈔機</h2>
<p>大多數比特幣愛好者可能想象流動性激增來自美聯儲。當然，美聯儲_可以並且確實_印刷貨幣。</p>
<p>當美聯儲進行量化寬鬆（“QE”）時，他們是在印刷貨幣，具體來説，是所謂的銀行準備金。他們然後用這些新印刷的美元購買銀行的各種證券。銀行獲得新印刷的（數字）美元，而美聯儲則獲得一項資產以放在其資產負債表上。</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>美聯儲資產與其負債的對比</p>
<p>顯然，我們知道美聯儲一直在進行貨幣印刷。他們稱之為 “準備金管理購買”，但本質上是量化寬鬆，只是他們購買的是短期國債，而不是長期證券（以解決 2025 年出現的回購市場問題）。</p>
<p>自 2025 年 11 月開始這些 RMP 以來，他們的資產負債表增長了約 2000 億美元。銀行準備金（佔 M0 貨幣供應的一半）大約是抵消負債的一半，TGA 的適度增長佔其餘部分。</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>銀行準備金</p>
<p><strong>美聯儲的印鈔機無疑是流動性激增的重要原因。</strong></p>
<h2>但還有更多：</h2>
<p>美聯儲顯然在推動其中的一部分，但故事還有更多：</p>
<p>記住廣義貨幣供應嗎？它的一個組成部分正在激增——銀行存款。</p>
<p>如前所述，M2 實際上在整體信貸創造中佔據了更大的份額，我們可以看到自 12 月第一週（RMP 開始時）以來銀行存款增加了 <strong>6110 億美元</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>銀行存款，帶有 2024-2025 年大致增長率的趨勢線</p>
<p>當一傢俬人銀行向個人或公司發放貸款時，會同時發生兩件事情：</p>
<ol>
<li>創建一個存款（銀行的負債，你的資產）</li>
<li>創建一個貸款（銀行的資產，你的負債）</li>
</ol>
<p>由於存款和廣義貨幣顯然在激增，我們必須查看更詳細的數據以獲得更多見解。以下是來自美聯儲的數據。</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>美聯儲的銀行資產/負債報告，提取於 2026 年 5 月 10 日。為強調添加的線條。</p>
<p>我們看到幾件事情：</p>
<ol>
<li>整體銀行資產（貸款）以大約 7-8% 的速度增長</li>
<li>這些貸款主要是商業和工業貸款</li>
<li>反向回購在 3 月顯著回升，經過幾個月的下降</li>
<li>對其他商業銀行的貸款以非常快速的速度增長</li>
</ol>
<p>不幸的是，我們無法獲得更詳細的信息。這與人工智能和數據中心有關嗎？如果我必須猜測，考慮到這個行業在最近一段時間對美國經濟的巨大影響，這很可能是主要驅動因素，但無法確定。</p>
<p><strong>但很明顯，這一流動性激增不僅僅是由美聯儲的貨幣印刷推動的——私人銀行也在以非常快速的速度印刷貨幣，但並不是來自消費者或房地產方面。</strong></p>
<p>還有一點是確定的：隨着流動性激增，它最終會流向稀缺資產，如比特幣。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

BTCS

BITF

GLXY

<p>流動性正在激增，主要受到私人銀行信貸創造和美聯儲近期行動的推動，包括儲備管理購買。這一激增在股市和比特幣價格中得到了體現，後者正在從近期低點恢復。廣義貨幣供應量，特別是 M2，已經顯著增長，自 2025 年 12 月以來，銀行存款增加了 6110 億美元。整體銀行資產以約 7-8% 的速度增長，表明金融環境強勁，這可能導致對比特幣等稀缺資產的投資增加</p>

<h2>Liquidity is absolutely surging- but where is it actually coming from?</h2>
<div class="lb-trans"><h2>流動性正在急劇上升——但它究竟來自哪裏？</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>上週的焦點是日元套利交易，並指出它是流動性的眾多邊際驅動因素之一。隨着這一點顯然已成為過去，鑑於自那篇文章發佈以來又一次日元干預發生，我們需要面對一個關鍵現實：</p>
</div><p><strong>Dollar liquidity is absolutely soaring.</strong></p>
<div class="lb-trans"><p><strong>美元流動性正在急劇上升。</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/初秋變得更加謹慎的主要原因之一是流動性顯然在回落。不僅回購市場面臨越來越嚴重的困境，廣義貨幣供應也在減速。</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>名義上，M2 仍在增長（幾乎總是如此），但這不是正確的指標——正確的指標是貨幣供應的_變化率_，而這在 2025 年春末開始回落。</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（廣義貨幣）供應，6 個月變化率</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>但最近發生了一些顯著的事情：我們在金融系統中看到了巨大的流動性激增。</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>股市直線上升。比特幣距離近期低點上漲了 30%。但這股流動性究竟來自何處令人好奇。</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>讓我們先看看廣義貨幣。M2，或廣義貨幣供應，是衡量經濟中總貨幣量的指標，包括現金、可支票存款和易於轉換的 “近似貨幣”。</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，看看過去 5 年（以及更短的變化率時間框架），我們可以看到在過去幾個月中確實出現了這 “廣義貨幣” 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 貨幣和 3 個月變化率。</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>請記住，雖然每個人都關注美聯儲的貨幣印刷，但一個更大的驅動因素（絕對值上）是私人銀行的信貸創造。正如理查德·維爾納（Richard Werner）詳盡證明的那樣，私人銀行在發放新貸款時是從無到有地印刷貨幣。</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>事實上，私人銀行的信貸創造是一個比美聯儲更大的驅動因素，M2 的規模是 M0（基礎貨幣，包括銀行準備金和實物貨幣）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 貨幣供應，M0 貨幣供應，總銀行貸款和租賃</p>
</div><h2>The Fed's Money Printer</h2>
<div class="lb-trans"><h2>美聯儲的印鈔機</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>大多數比特幣愛好者可能想象流動性激增來自美聯儲。當然，美聯儲_可以並且確實_印刷貨幣。</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>當美聯儲進行量化寬鬆（“QE”）時，他們是在印刷貨幣，具體來説，是所謂的銀行準備金。他們然後用這些新印刷的美元購買銀行的各種證券。銀行獲得新印刷的（數字）美元，而美聯儲則獲得一項資產以放在其資產負債表上。</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>美聯儲資產與其負債的對比</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>顯然，我們知道美聯儲一直在進行貨幣印刷。他們稱之為 “準備金管理購買”，但本質上是量化寬鬆，只是他們購買的是短期國債，而不是長期證券（以解決 2025 年出現的回購市場問題）。</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 月開始這些 RMP 以來，他們的資產負債表增長了約 2000 億美元。銀行準備金（佔 M0 貨幣供應的一半）大約是抵消負債的一半，TGA 的適度增長佔其餘部分。</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>銀行準備金</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>美聯儲的印鈔機無疑是流動性激增的重要原因。</strong></p>
</div><h2>But There's More:</h2>
<div class="lb-trans"><h2>但還有更多：</h2>
</div><p>The Fed is clearly driving some of this, but there's more to the story:</p>
<div class="lb-trans"><p>美聯儲顯然在推動其中的一部分，但故事還有更多：</p>
</div><p>Remember the broad money supply? One of its components is surging- bank deposits.</p>
<div class="lb-trans"><p>記住廣義貨幣供應嗎？它的一個組成部分正在激增——銀行存款。</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 實際上在整體信貸創造中佔據了更大的份額，我們可以看到自 12 月第一週（RMP 開始時）以來銀行存款增加了 <strong>6110 億美元</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>銀行存款，帶有 2024-2025 年大致增長率的趨勢線</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>當一傢俬人銀行向個人或公司發放貸款時，會同時發生兩件事情：</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>創建一個存款（銀行的負債，你的資產）</li>
<li>創建一個貸款（銀行的資產，你的負債）</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>由於存款和廣義貨幣顯然在激增，我們必須查看更詳細的數據以獲得更多見解。以下是來自美聯儲的數據。</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>美聯儲的銀行資產/負債報告，提取於 2026 年 5 月 10 日。為強調添加的線條。</p>
</div><p>What we see is a few things:</p>
<div class="lb-trans"><p>我們看到幾件事情：</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>整體銀行資產（貸款）以大約 7-8% 的速度增長</li>
<li>這些貸款主要是商業和工業貸款</li>
<li>反向回購在 3 月顯著回升，經過幾個月的下降</li>
<li>對其他商業銀行的貸款以非常快速的速度增長</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，我們無法獲得更詳細的信息。這與人工智能和數據中心有關嗎？如果我必須猜測，考慮到這個行業在最近一段時間對美國經濟的巨大影響，這很可能是主要驅動因素，但無法確定。</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>但很明顯，這一流動性激增不僅僅是由美聯儲的貨幣印刷推動的——私人銀行也在以非常快速的速度印刷貨幣，但並不是來自消費者或房地產方面。</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>還有一點是確定的：隨着流動性激增，它最終會流向稀缺資產，如比特幣。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

流動性正在激增，並可能流入比特幣等稀缺資產