PANews reported on April 26 that according to CoinDesk analysis, the key to reviving the Bitcoin bull market is the U.S. Treasury's refinancing announcement. The U.S. Treasury will release a refinancing announcement on May 1, detailing three months of borrowing needs and the balance held in the Treasury's general account. As analysts expect U.S. Treasury Secretary Janet Yellen's quarterly refinancing announcement (QRA) to be released next week to ease pressure on risky assets, the broader upward trend may soon resume.
Saxo Bank said the upcoming QRA could bring relief, with total quarterly issuance set to fall for the first time in two years from a peak of $7.2 trillion. Althea Spinozzi, head of fixed income strategy, said: "Total issuance of US marketable Treasuries is expected to fall for the first time since the second quarter of 2022. As a result, the market's focus will turn to the announcement of the Treasury General Account (TGA) level, and risk assets could rise if the QRA maintains the TGA target at $750 billion or lowers. If the TGA remains at the current level of $750 billion or lower, it could mean no change, or more money could be released into the economy, boosting economic activity."
BitMEX co-founder Arthur Hayes previously expressed a similar view, saying that the U.S. Treasury Department will announce its quarterly refunding announcement next week, which is expected to re-accelerate the crypto bull market .
