Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, expressed his belief that after reaching the target level of $850 billion in the Treasury General Account (TGA) of the U.S. Department of the Treasury, the cryptocurrency market is poised for a new wave of growth. In his opinion, the replenishment of this account will lead to the end of liquidity outflow, paving the way for an increase in the value of digital assets.
This is reported by Finway
The Importance of TGA for Financial Markets
The TGA is the primary operational account of the Treasury at the Federal Reserve Bank of New York. It receives revenue from the sale of government bonds (T-bills) and tax receipts. According to the MacroMicro service, as of September 18, 2025, the TGA balance stands at $816.4 billion. Notably, on September 15, the account had already surpassed the $850 billion mark, setting a new high for the current year.
“Growth can only resume after the liquidity outflow has ended,” Hayes concluded.
Changes in U.S. Policy and Their Impact on the Crypto Market
As the chart shows, starting in July 2025, the U.S. Department of the Treasury has been actively replenishing the TGA balance. Such actions typically lead to liquidity outflows from other markets, including the cryptocurrency market. These changes became possible after the U.S. Senate passed the “Big Beautiful Bill” on July 1, 2025, which increased the debt ceiling by $5 trillion. This allowed the Treasury to issue additional bonds and attract more funds to the TGA.
Arthur Hayes emphasized that the Treasury is already close to reaching the target level of $850 billion. After this, he stated, liquidity will begin to flow back into the financial markets, which will serve as a catalyst for a new cryptocurrency rally.