The US Treasury drains 77 billion reserves, and the Bitcoin liquidity crisis is approaching

According to Woofun AI, the US Treasury is drawing about $77 billion in liquidity from the banking system, causing Bitcoin to face severe macro-financial difficulties. This contraction of reserves, caused by fiscal pumping, is reshaping the risk pricing logic of crypto assets.

In the week ending July 29, the average weekly reserve value of Bank of America plummeted by 77.579 billion US dollars, and the total fell back to 2.944541 trillion US dollars. According to data compiled by Woofun AI, temporary general account funds surged to US$970.442 billion, an increase of US$81.153 billion in a single week, accounting for the vast majority of the average weekly increase of 89.88 billion US dollars in total deposits, making it the largest pool of capital absorption other than reserves.

The underlying reason is an adjustment in the Ministry of Finance's financing strategy. Its borrowing volume is expected to increase by an additional $68 billion between July and September. Although the renewal of the SOMA auction is not included in this indicator, SOMA redemption funds are included in the net loan amount statistics, and the total circulation volume follows different calculation criteria. Various changes in the Federal Reserve's balance sheet have further blurred the flow of capital. The interaction between the cash market and the financing market has made the source of funds for buyers a key variable in determining the pressure on bank reserves.

The financing structure chart announced on August 5 will be the key guide. By analyzing the distribution ratio of notes and coupons, the scale of the auction and the repurchase plan, the market can gain insight into the specific whereabouts of the funds. If the share of notes is high, the pressure depends on the source of funding; if there is a large supply of coupons, it boosts demand for long-term debt. The final determination of reserve balances will directly reflect the substantial impact of this fiscal operation on the risk appetite of the wider market.