Year-end liquidity tightness hits a new high as borrowing from the Federal Reserve's standing repo operation reaches record levels. The surge in repo demand typically signals stress in short-term funding markets, forcing institutions to tap emergency liquidity facilities. This development carries significant implications for the broader financial ecosystem—including crypto markets. When traditional finance faces liquidity crunches, capital flows often shift, affecting risk appetite and digital asset valuations. Monitoring Fed repo activity has become essential for traders and investors seeking to understand macroeconomic headwinds that could reshape market sentiment heading into the new year.