The New York Fed accepted the full $25.95 billion in overnight repo bids, hitting the ceiling for this operation. What does that mean? Year-end liquidity scramble. Banks are jockeying for cash ahead of the calendar flip—classic window dressing. When traditional finance tightens up like this, it usually ripples across markets. Crypto tends to watch Fed liquidity moves closely, so traders are keeping an eye on whether this signals tighter conditions or just routine seasonal flows. The fact that demand matched supply perfectly suggests appetite for short-term funding remains solid.