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.

According to @BullTheoryio, overnight Fed repo usage jumped to $29.4B, the highest daily level in nearly five years, indicating rising dollar funding stress and tighter liquidity conditions (source: @BullTheoryio). According to @BullTheoryio, this surge arrived just days after a 25 bps rate cut and Chair Powell’s guidance that further cuts are not guaranteed, underscoring a hawkish tilt despite mounting liquidity needs (source: @BullTheoryio). According to @BullTheoryio, Dallas Fed President Lorie Logan signaled that if the rise in repo rates persists the Fed may need to buy assets again, and she supported ending QT, pointing to an earlier-than-expected policy pivot if funding pressures endure (source: @BullTheoryio). According to @BullTheoryio, the setup echoes late 2019 when repo stress preceded liquidity injections and multi‑month risk‑asset rallies, suggesting traders should watch SRF usage, SOFR prints, and QT pace for confirmation (source: @BullTheoryio). According to @BullTheoryio, renewed liquidity historically supports risk assets and Bitcoin BTC tends to follow when liquidity returns, making the current dislocation a potential medium‑term upside risk for crypto if policy eases (source: @BullTheoryio).