{
  "issue_date": "2026-10-23",
  "title": "FinzData Weekly: Liquidity, Capital Flows & Positioning, October 23, 2026",
  "as_of": {
    "liquidity_cutoff": "2026-10-21",
    "cot_cutoff": "2026-10-19"
  },
  "summary": [
    "Fed net liquidity stands at $5,801bn as of 2026-10-21, rising over the past four weeks (+31bn).",
    "The Treasury General Account is falling over four weeks (−25bn) to $952bn.",
    "M2 money supply is 6.1% versus a year ago at $23,306bn.",
    "Most crowded positioning: US 10-year Treasury (Asset managers, index 100) and US Treasury bond (Leveraged funds, index 100).",
    "Largest weekly swing in net % of open interest: Corn (Producers/merchants) at +4.5pp."
  ],
  "notes": {
    "liquidity": "Fed net liquidity is $5,801bn as of 2026-10-21 with a four-week change of +31bn. Treasury General Account is $952bn as of 2026-10-21 with a four-week change of −25bn.",
    "flows": "Net foreign purchases of US long-term securities were $301bn in 2026-08-01 with a 12-month total of +1,876bn. Net foreign purchases of US Treasuries were $109bn in 2026-08-01 with a 12-month total of +306bn.",
    "positioning": "Most crowded COT index is 100 for US 10-year Treasury Asset managers and US Treasury bond Leveraged funds. Largest weekly swing in net % of open interest is Corn Producers/merchants at +4.5pp."
  },
  "liquidity": [
    {
      "series_id": "FED_NET_LIQUIDITY",
      "label": "Fed net liquidity (assets − TGA − reverse repo)",
      "unit": "$bn",
      "latest": 5801.365,
      "as_of": "2026-10-21",
      "change_1w": -70.69999999999982,
      "change_4w": 31.20600000000013,
      "change_13w": -116.01399999999921,
      "change_1y": 19.988000000000284
    },
    {
      "series_id": "FED_TOTAL_ASSETS",
      "label": "Fed balance sheet",
      "unit": "$bn",
      "latest": 6753.604,
      "as_of": "2026-10-21",
      "change_1w": -2.0349999999998545,
      "change_4w": 5.900000000000546,
      "change_13w": 6.2260000000005675,
      "change_1y": 157.15000000000055
    },
    {
      "series_id": "TREASURY_GENERAL_ACCOUNT",
      "label": "Treasury General Account",
      "unit": "$bn",
      "latest": 952.0020000000001,
      "as_of": "2026-10-21",
      "change_1w": 68.62900000000002,
      "change_4w": -25.081999999999994,
      "change_13w": 122.37900000000002,
      "change_1y": 142.4090000000001
    },
    {
      "series_id": "ON_REVERSE_REPO",
      "label": "Overnight reverse repo",
      "unit": "$bn",
      "latest": 0.237,
      "as_of": "2026-10-21",
      "change_1w": 0.035999999999999976,
      "change_4w": -0.22400000000000003,
      "change_13w": -0.139,
      "change_1y": -4.462
    },
    {
      "series_id": "BANK_RESERVES",
      "label": "Bank reserves",
      "unit": "$bn",
      "latest": 2962.607,
      "as_of": "2026-10-21",
      "change_1w": -59.5329999999999,
      "change_4w": 32.41399999999976,
      "change_13w": -99.54199999999992,
      "change_1y": -56.42100000000028
    },
    {
      "series_id": "US_M2_WEEKLY",
      "label": "M2 money supply (weekly)",
      "unit": "$bn",
      "latest": 23305.5,
      "as_of": "2026-08-31",
      "change_1w": 37.70000000000073,
      "change_4w": 97.29999999999927,
      "change_13w": 283.0,
      "change_1y": 1333.2999999999993,
      "yoy_pct": 6.068122445635846
    },
    {
      "series_id": "US_MMF_TOTAL_ASSETS",
      "label": "Money market fund assets",
      "unit": "$bn",
      "latest": 8441.374,
      "as_of": "2026-04-01",
      "change_1w": 151.8050000000003,
      "change_4w": 151.8050000000003,
      "change_13w": 251.1389999999992,
      "change_1y": 960.1419999999998
    },
    {
      "series_id": "G3_CB_ASSETS_USD",
      "label": "G3 central bank assets (USD)",
      "unit": "$bn",
      "latest": 17523.719487941664,
      "as_of": "2026-09-01",
      "change_1w": -123.80908102036119,
      "change_4w": -123.80908102036119,
      "change_13w": -234.61089337524754,
      "change_1y": -916.8203221909935
    },
    {
      "series_id": "FIN_CONDITIONS_NFCI",
      "label": "Chicago Fed financial conditions (NFCI)",
      "unit": "index",
      "latest": -0.496,
      "as_of": "2026-10-16",
      "change_1w": 0.006000000000000005,
      "change_4w": 0.03200000000000003,
      "change_13w": 0.03500000000000003,
      "change_1y": 0.027000000000000024
    },
    {
      "series_id": "FIN_STRESS_STLFSI",
      "label": "St. Louis Fed financial stress",
      "unit": "index",
      "latest": -0.6328,
      "as_of": "2026-10-16",
      "change_1w": 0.0877,
      "change_4w": 0.0685,
      "change_13w": 0.06589999999999996,
      "change_1y": -0.15230000000000005
    }
  ],
  "flows": [
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES",
      "label": "Net foreign purchases of US long-term securities",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 300.724,
      "prior_value": 40.616,
      "trailing_12m": 1875.8509999999999,
      "is_holdings": false
    },
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES_TREASURIES",
      "label": "Net foreign purchases of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 108.908,
      "prior_value": -3.56,
      "trailing_12m": 306.428,
      "is_holdings": false
    },
    {
      "series_id": "TIC_OFFICIAL_NET_PURCHASES_TREASURIES",
      "label": "Foreign official net purchases of Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 18.053,
      "prior_value": 25.537,
      "trailing_12m": 9.918999999999993,
      "is_holdings": false
    },
    {
      "series_id": "TIC_FOREIGN_HOLDINGS",
      "label": "Foreign holdings of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 39916.341,
      "prior_value": 38826.409,
      "trailing_12m": 5289.743999999999,
      "is_holdings": true
    }
  ],
  "etf_flows": {
    "status": "ok",
    "since": "2006-05-31",
    "days": 5,
    "total_usd_m": 4103.1,
    "by_class": [
      [
        "Sector",
        1918.5
      ],
      [
        "US equity",
        1459.6
      ],
      [
        "Treasuries",
        736.9
      ],
      [
        "Crypto",
        428.3
      ],
      [
        "Gold & metals",
        128.9
      ],
      [
        "International equity",
        0.0
      ],
      [
        "Credit",
        -569.0
      ]
    ],
    "top_in": [
      [
        "SPY",
        "SPY",
        3880.8
      ],
      [
        "XLV",
        "XLV",
        1306.7
      ],
      [
        "XLE",
        "XLE",
        640.0
      ],
      [
        "IBIT",
        "IBIT",
        628.4
      ],
      [
        "SGOV",
        "SGOV",
        603.6
      ]
    ],
    "top_out": [
      [
        "IWM",
        "IWM",
        -1644.9
      ],
      [
        "HYG",
        "HYG",
        -713.3
      ],
      [
        "IVV",
        "IVV",
        -467.5
      ],
      [
        "IEF",
        "IEF",
        -370.1
      ],
      [
        "DIA",
        "DIA",
        -308.7
      ]
    ],
    "funds": [
      "AGG",
      "BIL",
      "DIA",
      "EEM",
      "EFA",
      "ETHA",
      "HYG",
      "IAU",
      "IBIT",
      "IEF",
      "IVV",
      "IWM",
      "LQD",
      "SGOV",
      "SHY",
      "SLV",
      "SPY",
      "TLT",
      "XLE",
      "XLF",
      "XLK",
      "XLV"
    ],
    "universe": 30,
    "last_date": "2026-10-21"
  },
  "crypto_flows": {
    "btc": {
      "week_usd_m": 997.4,
      "w4_usd_m": 733.7,
      "last_date": "2026-10-21",
      "days": 5,
      "top_in": [
        [
          "IBIT",
          875.1
        ],
        [
          "FBTC",
          122.1
        ],
        [
          "ARKB",
          9.8
        ]
      ],
      "top_out": [
        [
          "GBTC",
          -22.3
        ],
        [
          "BTCO",
          -4.1
        ]
      ]
    },
    "eth": {
      "week_usd_m": -244.5,
      "w4_usd_m": -961.8,
      "last_date": "2026-10-21",
      "days": 5,
      "top_in": [
        [
          "ETH",
          31.4
        ],
        [
          "FETH",
          13.0
        ],
        [
          "MSSE",
          1.3
        ]
      ],
      "top_out": [
        [
          "ETHA",
          -271.8
        ],
        [
          "ETHE",
          -20.2
        ]
      ]
    },
    "stablecoins": {
      "as_of": "2026-10-21",
      "supply_usd_bn": 303.54,
      "chg_7d_usd_bn": -2.56,
      "chg_28d_usd_bn": -1.59
    }
  },
  "positioning": [
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 918097.0,
      "net_pct_oi": 47.128881305260215,
      "ww_net": 8795.0,
      "ww_pp": 0.4926762418093702,
      "cot_index": 62.44284166314487,
      "percentile": 94.3728018757327,
      "flag": "",
      "as_of": "2026-10-13"
    },
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -410518.0,
      "net_pct_oi": -21.073213501049253,
      "ww_net": 5391.0,
      "ww_pp": 0.2578925690295293,
      "cot_index": 33.44169444526387,
      "percentile": 3.3997655334114887,
      "flag": "",
      "as_of": "2026-10-13"
    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 76402.0,
      "net_pct_oi": 25.91866366325617,
      "ww_net": 1546.0,
      "ww_pp": 0.7700856114848236,
      "cot_index": 64.34228987824932,
      "percentile": 69.05041031652989,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -21891.0,
      "net_pct_oi": -7.42631693217901,
      "ww_net": 4847.0,
      "ww_pp": 1.556565935570565,
      "cot_index": 67.71893918547056,
      "percentile": 35.28722157092614,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "239742",
      "market": "Russell 2000",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 29528.0,
      "net_pct_oi": 6.638728011798985,
      "ww_net": -15967.0,
      "ww_pp": -4.0621507327441435,
      "cot_index": 25.597588331421726,
      "percentile": 47.18162839248434,
      "flag": "",
      "as_of": "2026-10-13"
    },
    {
      "report": "tff_fo",
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      "group": "Leveraged funds",
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      "ww_net": 13670.0,
      "ww_pp": 4.166778186726521,
      "cot_index": 18.815874024122728,
      "percentile": 5.219206680584551,
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    },
    {
      "report": "tff_fo",
      "code": "1170E1",
      "market": "VIX",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": -77295.0,
      "net_pct_oi": -17.235305004359276,
      "ww_net": 3319.0,
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      "cot_index": 2.821223351807147,
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      "flag": "Crowded short",
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    },
    {
      "report": "tff_fo",
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      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": 1105.0,
      "net_pct_oi": 0.24639384216077365,
      "ww_net": -4389.0,
      "ww_pp": -0.9986742694557074,
      "cot_index": 92.14020455113348,
      "percentile": 93.2648401826484,
      "flag": "Crowded long",
      "as_of": "2026-10-13"
    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 1795866.0,
      "net_pct_oi": 39.433589517084734,
      "ww_net": 116779.0,
      "ww_pp": 2.0025207538220826,
      "cot_index": 45.29797688840693,
      "percentile": 85.27397260273973,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
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      "net_pct_oi": -30.025517368432727,
      "ww_net": -109924.0,
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      "cot_index": 86.80366065620059,
      "percentile": 26.027397260273972,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "043602",
      "market": "US 10-year Treasury",
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      "ww_net": 70423.0,
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      "cot_index": 100.0,
      "percentile": 100.0,
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    },
    {
      "report": "tff_fo",
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      "market": "US 10-year Treasury",
      "group": "Leveraged funds",
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    },
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      "report": "tff_fo",
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      "market": "US Treasury bond",
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    },
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    },
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    },
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    },
    {
      "report": "tff_fo",
      "code": "099741",
      "market": "Euro",
      "group": "Asset managers",
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      "net_pct_oi": 22.85976300710887,
      "ww_net": 10037.0,
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      "percentile": 46.23287671232877,
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    },
    {
      "report": "tff_fo",
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    },
    {
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    },
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    },
    {
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    },
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      "report": "tff_fo",
      "code": "133741",
      "market": "Bitcoin (CME)",
      "group": "Asset managers",
      "group_key": "asset_mgr",
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      "net_pct_oi": 17.550115651503468,
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    },
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