According to @KobeissiLetter, the U.S. Treasury’s budget deficit fell 52.8% year over year in November to 173.3 billion dollars, the lowest November level since 2020 and the lowest excluding the pandemic since November 2017. Source: @KobeissiLetter. The same update notes government revenue rose 17.8% year over year to 740.4 billion dollars. Source: @KobeissiLetter. Traders monitor deficit and revenue trends because Treasury funding needs drive issuance that influences U.S. Treasury yields and dollar liquidity, key inputs for risk appetite in BTC and ETH. Source: U.S. Treasury Borrowing Advisory Committee quarterly refunding framework.