Treasury’s cash plan points to a possible December liquidity window for Bitcoin
Summary
Treasury’s November refunding plans point to a possible December dip in its cash balance—from a projected $1.025 trillion peak in late November to $850 billion at month-end—before cash rises toward another peak in late January. A drawdown can add bank reserves, but expected tax receipts can offset that effect, so smaller December bill auctions alone do not prove funding is easing. Treasury also plans to increase bill auction sizes in January. Current cash, reserve and overnight-rate figures are only dated baselines; actual cash flows and other Federal Reserve balance-sheet changes will determine the reserve impact. Any Bitcoin benefit remains unproven and depends on whether easier funding materializes and translates into buying.
