The Treasury coupon settlement on September 30 totals 202 billion dollars in public face value, with 143.58 billion dollars in maturities. The net 58.42 billion dollars of new face value does not constitute a measured cash drain, as auction prices and Treasury spending can change the cash effect. The Federal Home Loan Bank of New York says the market is calm for now but warns that net new supply could lift repo borrowing rates. SOFR was at 3.88% on September 24, showing a slight increase from previous levels of 3.85%. Whether that pressure reaches Bitcoin is a separate, unobserved question.
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