ARGUSX.BTC Liquidity State Report | 2026-10-19
S1 TRANSITION. Quantity and funding conditions are neutral overall, BTC-specific flows remain weak, and healthy positive feedback is unconfirmed.
English overview, not a full translation. This is the dated 2026-10-19 research report, preserving its original morning cutoff and data availability. The state remains S1 TRANSITION; Q and P are neutral overall, g is tightening, and F has not established healthy positive feedback. Do not count the same weekly or previous trading-day observation as a new independent signal. The original Chinese A–J report contains the full causal reasoning, evidence tables and conditional invalidation framework.
Dated research observations (report excerpts; not verified-series replacements): treasury-2y: 4.74 % (2026-10-16; final). treasury-10y: 5.09 % (2026-10-16; final). treasury-30y: 5.43 % (2026-10-16; final). real-yield: 2.74 % (2026-10-16; final). bank-reserves: 3.02214 万亿美元 (2026-10-14; final). tga: 0.88337 万亿美元 (2026-10-14; final). btc-etf-flow: -0.824 亿美元 (2026-10-16; final). stablecoins: 3023.57 亿美元 (2026-10-18; final).