#tga
tga
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The U.S. Treasury plans to boost the TGA (General Account) balance to around $1 trillion by the end of July.
What does this mean? The TGA is the Treasury's wallet at the Fed. When the Treasury pumps money into this wallet, the dollars circulating in the market decrease—it's like the Fed is tightening its balance sheet.
The data is clearer: the reverse repo (RRP) balance has dropped from a peak of $2.5 trillion in 2022 to less than $100 billion. The idle cash in the market is nearly drained.
Next, if the Treasury continues to issue bonds, bank reserves will be further consumed. Tightening liquidity isn't good news for risk assets like BTC.
In the short term, BTC's bounce may be suppressed by liquidity constraints. In the long run, if the TGA recharge is complete and the Fed starts cutting rates, funds will flow back into risk assets.
Key milestones: End of June TGA target is $900 billion, and by the end of July, $1 trillion. These two months, liquidity will be the biggest variable in the market.
#BTC #TGA #美联储 #宏观 #market analysis
What does this mean? The TGA is the Treasury's wallet at the Fed. When the Treasury pumps money into this wallet, the dollars circulating in the market decrease—it's like the Fed is tightening its balance sheet.
The data is clearer: the reverse repo (RRP) balance has dropped from a peak of $2.5 trillion in 2022 to less than $100 billion. The idle cash in the market is nearly drained.
Next, if the Treasury continues to issue bonds, bank reserves will be further consumed. Tightening liquidity isn't good news for risk assets like BTC.
In the short term, BTC's bounce may be suppressed by liquidity constraints. In the long run, if the TGA recharge is complete and the Fed starts cutting rates, funds will flow back into risk assets.
Key milestones: End of June TGA target is $900 billion, and by the end of July, $1 trillion. These two months, liquidity will be the biggest variable in the market.
#BTC #TGA #美联储 #宏观 #market analysis
This is crazy, with these coins on the pump list, I'm not looking to go long or short, might as well just watch the show.
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