On September 21st, BitMEX co-founder Arthur Hayes said that once the US Treasury reaches its goal of injecting 850 billion dollars into the TGA (Treasury General Account), the crypto market will enter a "only up and not down" mode.
"With the end of the liquidity drain, the'up and not down 'trend will return," Hayes wrote as the TGA's opening balance topped $807 billion.
When the Treasury fills its general account, money is usually sequestered and does not flow into the private market. However, not all analysts are convinced by Hayes' prediction that liquidity will flow to the financial marekt once the US Treasury reaches its target.
André Dragosch, head of European research at investment firm Bitwise, responds: "However, the correlation between net liquidity and bitcoin and cryptocurrencies is at best loose. In my opinion, this is simply futile."
Arthur Hayes: If the US Treasury TGA account reaches $850 billion, the crypto market will enter "only up and not down" mode
2025-09-21 00:28:40
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