The top 1% in the US pay 30% of taxes, it should be no surprise to see that the YoY % change in S&P 500 is = to Federal Tax receipts. The US government have a funding issue, they are voluntary rising interest rates while the Fed sells off its . Up until today deficits have been widening substantially, the Fed will ultimately have to monetize those deficits as entitlements, Medicare and other social costs become an increasing burden on government spending.
NEAR TERM risks to liquidity would be that the equity market continues their recovery and the Fed once again capitulate on their dovish tone and begin talking rate hikes up once more. This would restrict liquidity and likely weigh heavily on digital assets.