Bitcoin tops $80,000 as $148B Treasury cash build passes

Bitcoin rose above $80,000 after the Treasury General Account increased by $148.003 billion through Sept. 16 and overnight funding rates stayed within the Federal Reserve’s operating corridor.

Federal Reserve data show the Treasury General Account reached $991.708 billion as tax payments moved cash into the government’s account at the central bank. Deposits by commercial banks at the Fed fell by $114.971 billion to $2.922 trillion over the same period.

The Fed raised its benchmark interest-rate range by 25 basis points to 3.75%–4.00% on Sept. 16. On Sept. 17 the Secured Overnight Financing Rate printed at 3.85% across almost $3 trillion of transactions, five basis points below the Fed’s 3.90% interest on reserve balances and inside the operating corridor. The distribution of repo trades clustered around policy rates: the 25th percentile was 3.83%, the 75th percentile 3.90%, and the 99th percentile 3.93%.

SOFR rose about 23 basis points from 3.62% after the Fed’s rate increase took effect. Most of that change reflected the scheduled policy reset, while the Treasury cash transfer may have added marginal pressure.

Bitcoin advanced from roughly $76,147 to above $80,000 during the period and was trading near $82,000 at press time. The price rise coincided with renewed inflows into spot Bitcoin exchange-traded funds, gains in technology equities and weakness in the yen; the role of short covering was not clear from available data.

The gap between the Treasury increase and the fall in bank deposits shows other balance-sheet flows offset part of the reserve withdrawal. Repo markets stayed within the Fed’s corridor, so tax-date cash flows did not push overnight rates outside policy bounds.

Market participants are watching ETF flows, positioning indicators and short-term funding conditions for signs of continued demand or renewed stress. The Treasury General Account will remain a focus on dates when large tax payments move into the federal account.