Treasury dealers’ net bill holdings hit a two-year high as October 30 funding pressure nears
· strategic_reserves · Sentiment: bullish
Treasury dealers' net bill holdings have surged to a two-year high, reflecting aggressive accumulation ahead of the October 30 quarter-end funding pressure. Market participants are positioning for heightened repo market volatility and potential liquidity strains as banks and dealers manage balance sheet constraints. The key implication for Bitcoin is increased macro uncertainty and possible short-term risk-off flows, as tighter liquidity conditions historically weigh on risk assets including BTC.