Bitcoin's Liquidity Spillover

Since the debt ceiling was resolved, they started refilling the treasury general account. So far it's been relatively neutral because the treasury essentially had to blink. They're not sucking out of the banking system, they're sucking out of this void of reverse repos which is mostly money markets. I think we have to keep watching it because what makes the data complicated is that mid-June had quarterly tax payments,. But so far, the signs are towards when you look at their issuance schedule as long as they're willing and able to do that.

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