Analyst Disputes Bear Market Claims, Citing Fed Liquidity and TGA Trends

In accordance with Cryptofrontnews, analyst Dan Gambardello has challenged claims of an incoming bear market by reviewing Federal Reserve liquidity data, reverse repo levels, and manufacturing indicators. He noted that quantitative tightening ends on December 1, slowing liquidity reductions and stabilizing conditions. Gambardello highlighted the shift in focus to the Treasury General Account (TGA) as the next major liquidity driver, as reverse repo levels have drained to near zero. He also pointed out that U.S. manufacturing has contracted for 26 consecutive months, yet liquidity indicators have begun to flatten, suggesting a disconnect between market sentiment and macroeconomic data.