For technology stocks, Bitcoin, and other risky assets, this may be the most important chart

Wallstreetcn
2025.11.19 01:50
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For technology stocks, Bitcoin, and other risk assets, this may be the most important chart

Just now, the latest data shows that the U.S. Treasury General Account (TGA) has experienced a significant decline for the first time: the Treasury's cash decreased by $34 billion from $959 billion to $925 billion.

JP Morgan traders believe that the pressure in the repurchase market is the main reason for the stock market reversal this month. Due to the combined effects of government shutdown, the increase in the Treasury General Account (TGA), and quantitative tightening (QT), the U.S. Treasury had previously absorbed a large amount of capital, leading to a deterioration in cash accessibility within the financial system.

Now, the U.S. Treasury is beginning to release funds, and the market liquidity situation is expected to improve.

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