US Treasury Cash Swing Sets Bitcoin’s Real Liquidity Test

On November 2, the U.S. Treasury estimated privately held net marketable borrowing at $618 billion for October–December 2026 and $800 billion for January–March 2027. The first-quarter estimate includes a $150 billion rebuild of the Treasury General Account, the government’s account at the Federal Reserve, to $1 trillion by the end of March; Treasury targets $850 billion at the end of December. The TGA stood at $1,016 billion on October 28, and in the week to that date it rose $70 billion while bank reserves fell $74 billion. Refunding details were due November 4 at 13:30 UTC.