According to @KobeissiLetter, the Treasury General Account has surpassed 900 billion for the first time since 2021 and has risen by about 666 billion since June, signaling tighter dollar liquidity. According to @KobeissiLetter, as the TGA rises it makes short-term borrowing in the repo market more expensive, with repo activity now around 3 trillion per day after tripling over the last three years. According to @KobeissiLetter, if funding pressures persist the Federal Reserve may need to expand its balance sheet again to stabilize markets, indicating widening liquidity cracks that crypto traders should monitor for potential impacts on BTC and ETH.