The Jack Mallers Show The Liquidity Airpocket: Real Rates, Panic, and Bitcoin’s Flush
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Nov 25, 2025 The host dives into the recent Bitcoin price drop, revealing insights about on-chain selling and liquidity issues. He discusses panic selling among Bitcoin holders and the role of institutional flows. A fascinating analysis links Bitcoin demand to stablecoin market cap dynamics. He highlights risks from fiscal policies and AI's potential pitfalls, while speculating on future Federal Reserve actions and their effects on assets. The conversation wraps up with an optimistic note on Bitcoin's resilience and the importance of liquidity in the market.
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Liquidity, Not A Cycle Top
- Jack Mallers argues the recent Bitcoin drop was caused by a liquidity dislocation, not the end of the bull cycle.
- He links forced selling, low implied volatility, and ETF outflows to strained short-term markets and Treasury cash flows.
Repo Facility Reveals Hidden Strain
- Jack explains the standing repo facility (SRF) exists as an emergency liquidity backstop for repo market stress.
- He notes primary dealers resist using it due to stigma and balance-sheet constraints, worsening the liquidity squeeze.
Japan Carry-Trade Shock Hits Liquidity
- Jack highlights Japan's rising 10-year yields and a stronger dollar as a carry-trade unwind that reduces global liquidity.
- He warns this forces selling of US assets, pressuring treasuries, stocks, and Bitcoin.