Year-end liquidity squeeze pushes Fed's standing repo facility to record levels. Banks are tapping the central bank's standing repo operation at unprecedented rates as we wrap up the year, signaling tight cash conditions across the financial system. This spike in borrowing reflects seasonal year-end demand mixed with broader liquidity management pressures. For crypto traders watching macro signals, this kind of Fed repo activity matters—it influences overall market conditions and can impact risk appetite across asset classes. When traditional finance faces liquidity crunches, ripple effects eventually reach crypto markets.