Welcome to this week's global tracking👀 The frozen TGA account may not be the main source of liquidity shortage. 🧐Due to liquidity shortages, the prices of risky assets generally fell, while the derivatives market simultaneously and broadly priced in liquidity risk. 🧐Investment loans are likely a major source of liquidity in risky asset markets, and T-bills are one of the primary forms of collateral. A significant amount of cash liquidity is "locked up" in the stock and risky asset markets through T-bills financing, and can only be released by reducing the size of T-bills issuance, which TGA accounts cannot do. Read more👉https://blofin.com/en/academy/flow-insights/whale-s-tracking-illiquid(BloFin Research)