Is liquidity growing in the United States?
Gold is updating historical highs (doubling in two years), crypto is updating records with the exception of altcoins and scamcoins (4 times growth in two years), the American market is setting “idiotic” records.
Over 70 trillion is the capitalization of the entire American market, more than 20 trillion of the infernal pump for six months (since April 7), of which about half is accounted for by the TOP 10 bigtechs. This is the most powerful pump in the history of trading in all dimensions and comparison methods.
According to a combination of macroeconomic and corporate metrics, the deviation from the norm is twice as large as in 2010-2019 (a period of low or near-zero interest rates and permanent QE volleys from the world Central banks), the doubling is also fair for biotechnologists.
The excess capitalization is 35 trillion, of which 12 trillion is in the TOP 10 bigtechs.
Is there a lot of liquidity now? 20 trillion pumps in six months, and for comparison, the entire accumulated dollar money supply since the beginning of the circulation of dollars is only 22.2 trillion, +0.34 trillion in six months and only 0.5 trillion in 3.5 years since March 22.
However, not all liquidity is important for the market, but mainly the one that is concentrated among the population and not only in terms of money supply, but also taking into account money market funds and cash on brokerage accounts.
According to the latest data from the Z1 report on liquid assets of the population in the USA:
*Cash and deposits in banks: 14.8 trillion in 2Q25 vs 14.5 trillion in 4Q24, 14.3 trillion in 4Q23, 14.9 trillion in 4Q22, 15.6 trillion in 1Q22 (the stop point of QE and the beginning of the tightening of PREP by the Fed) and 11.1 trillion in 4Q19 (the start point of the two-year monetary orgy).
*Assets in money market funds: 4.88 trillion in 2Q25, 4.72 trillion in 4Q24, 4.03 trillion in 4Q23, 3.1 trillion in 4Q22, 2.78 trillion in 1Q22 and 2.27 trillion in 4Q19.
*Cash on brokerage accounts: 1.07 trillion in 2Q25, the dynamics here is not so pronounced, so I will only give 1Q22 – 1.15 trillion and 4Q19 – 0.8 trillion.
Potentially available liquid resource: 20.74 trillion in 2Q25 vs 20.17 trillion in 4Q24, 19.3 trillion in 4Q23, 19 trillion in 4Q22, 19.5 trillion in 1Q22 and 14.1 trillion in 4Q19.
As can be seen, since 1Q22, household deposits have decreased by more than 5% or 0.8 trillion, but this was offset by a sharp accumulation of assets in money market funds by 1.75 times or 2.1 trillion, while assets in brokerage accounts decreased by 0.1 trillion.
As a result, the liquid resource has grown by only 6.4% or 1.2 trillion since 1Q22, which is an extremely low growth rate of liquidity in the accounts of the population. In the period from 2013 to 2019, over a comparable period, liquidity grew at a rate of 10 to 20%, with an average of 15.5%.
Since the beginning of the infernal pump in all assets (stocks, crypto, gold) from November 2023, the liquidity in the accounts of the population has increased by 1.8 trillion or 9.3% – comparable to 2013-2019. For comparison, during the period of monetary and fiscal frenzy, the growth amounted to 5.5 trillion, or 37%.
There is no swelling of liquidity, as well as average annual savings, i.e. the arguments about unprecedented “emissions” of liquidity are fake.
The ratio of market capitalization to the liquid resources of the population reached 335% in early October 2025 versus 260% at the peak of the bubble in 4Q21, 215% in 2017-2019, 185% in 2011-2019, 182% in 2003-2007 and only 298% at the peak of the dotcom bubble in early 2000.
And here the deviation from the norm is almost twice, taking into account money market funds and cash in brokerage accounts.
