[Delphi Digital: The Fed's Liquidity Buffer Depletion May Impact the Crypto Market] Delphi Digital stated that the Federal Reserve's reverse repurchase agreement (RRP) balance has dropped from over $2 trillion to nearly zero, depleting the liquidity buffer. In 2023, the RRP absorbed Treasury issuances to supplement the Treasury General Account (TGA), preventing the depletion of bank reserves. As the RRP balance bottoms out, future Treasury issuances or TGA rebuilding will directly consume bank reserves. The Federal Reserve may choose to expand its balance sheet to provide liquidity, marking a shift from withdrawing liquidity to reinjecting it. Combined with the end of quantitative tightening (QT) and the reduction of the TGA, marginal liquidity has turned net positive for the first time since early 2022, potentially removing a key headwind for the crypto market.