European Central Bank data just came in: banks tapped €40.0 million at the marginal lending facility. Seems like a modest figure, but it's worth paying attention to. When banks start borrowing from the ECB's marginal facility, it often signals funding pressures or liquidity concerns in the traditional banking system. This kind of activity can ripple through to broader markets, including crypto. The rate banks are willing to borrow at tells us something about their confidence levels and liquidity stress. For those watching macro trends affecting asset markets, ECB borrowing patterns are part of the bigger picture on how central bank policy is playing out across Europe's financial system.