Arthur Hayes "U.S. Treasury TGA surpassing $850 billion will start a bull market"

An assertion has been made that a crypto asset (cryptocurrency) bull market will begin if the U.S. Treasury's General Account (TGA) balance surpasses $850 billion. The Treasury General Account is the account within the Federal Reserve where the U.S. government holds and disburses tax and Treasury funds.

On the 21st (local time), Arthur Hayes, BitMEX co-founder, said on X (formerly Twitter), "If the U.S. Treasury TGA reaches $850 billion, the crypto asset bull market will begin." The current TGA balance is reported to be $807 billion.

By contrast, Andre Dragosh, a Bitwise analyst, expressed the opposite view. He said, "Liquidity has little correlation with the crypto asset market," and forecast that it would not have a major impact.