Treasury to Drain $500B From Markets With TGA Refill, Crypto Faces Tight Liquidity Test

TLDR: Treasury will pull $500-600B from markets in its TGA refill, directly tightening crypto market liquidity. In 2023, $550B was absorbed easily, but today buffers like RRP and bank reserves are gone. Stablecoin supply may contract during the refill, creating stress for crypto assets such as ETH and BTC. Tether and Circle now hold $120B [...]

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