#BTC资金流动性 The global financial system is experiencing an invisible "great migration."

JPMorgan Chase's recent move is worth noting: a one-time withdrawal of $350 billion from the Federal Reserve, all invested in the US bond market. How crazy is this scale? It exceeds the total funds of over 4,000 small and medium-sized banks in the United States. What are the financial giants competing for? Before the Federal Reserve has room to cut interest rates, locking in high-yield assets. Simply put, it's a battle for liquidity.

The good days of traditional banks relying on interest margins are coming to an end. Institutional investors have sensed the risk and are starting to withdraw blood from the system.

But the problem is far more complex.

The hidden "shadow banking" sector within the financial system has reached a scale of $63 trillion—this number exceeds the combined GDP of China, the United States, Japan, and Germany. This is not a fantasy; it is a reality acknowledged by both the SEC and IMF. Among them, private credit has expanded to $1.8 trillion, but the structure is extremely fragile: promises to investors to redeem at any time, while funds are invested in ten-year projects.

Risk signals have already appeared. Over $300 billion of high-risk private credit has flowed into ordinary investors' accounts, high-yield bonds have begun to break down, and some project financings are being discounted. These seemingly isolated events are actually the first dominoes.

Once the redemption wave truly arrives—and history shows it always does—liquidity runs will trigger chain reactions. Shadow banks are interconnected with the traditional financial system, affecting the entire network. Although the Federal Reserve's "Reserve Management Purchase" program has been launched, its effectiveness for a scale of $63 trillion is questionable.

Market rules tend to be like this: when everyone is still debating whether a crisis exists, the storm is already gathering. When liquidity dries up, the logic of asset allocation will be completely rewritten. Now is the time to consider whether your investment portfolio is truly safe in this upheaval.