Looking at where US financial markets stand right now – we're dealing with tighter liquidity than usual. The data rolling in through late November paints a pretty clear picture: money isn't flowing as freely as it was a few months back.

What's driving this squeeze? Multiple factors are converging. The Fed's balance sheet adjustments, Treasury operations, and year-end positioning by major institutions are all playing their part. For crypto traders, this matters more than you might think – when traditional finance tightens up, risk assets typically feel the pressure first.

The moderately tight conditions we're seeing aren't crisis-level, but they're enough to make market participants more cautious. Institutional flows are slowing, and that hesitation tends to ripple across all asset classes. Whether this evolves into something more significant or eases off in December remains the million-dollar question everyone's watching.