Bitcoin (BTC) has climbed above $103,000, driven by improved liquidity conditions in the U.S. financial system. The SOFR-EFFR spread, a key indicator of liquidity stress, has narrowed to 0.05, suggesting a more favorable environment for risk assets. This development has also positively impacted other cryptocurrencies, with Ether (ETH), XRP, and Solana (SOL) experiencing gains. Additionally, reduced borrowing from the Federal Reserve's Standing Repo Facility and a stalled dollar index rally are supporting Bitcoin's rise as a potential hedge against dollar debasement.