美國財政部向市場注入$ 500B，可能為比特幣提供後風（BTC）

自2月以來，美國財政部通過其財政部總帳戶（TGA）的流動性，為政府運營提供了流動性，向金融市場注入了5000億美元

The US Treasury is set to inject $500 billion in liquidity into financial markets by April, Benkovskis, a macroeconomic financial analyst, said on Jan. 2.

宏觀經濟金融分析師貝科夫斯基斯（Benkovskis）在1月2日表示，美國財政部將於4月份將5000億美元的流動性注入金融市場。

This liquidity injection will boost the net Federal Reserve liquidity to $6.3 trillion, which may support Bitcoin’s (BTC) price in the future, even though risk assets have shown minimal growth so far.

這種流動性注入將使美聯儲淨流動性提高到6.3萬億美元，即將在將來支持比特幣（BTC）的價格，即使風險資產到目前為止的增長最少。

Treasury General Account’s expected liquidity flow. Source: X.com

財政部總帳戶的預期流動性流量。資料來源：X.com

Benkovskis explained that the liquidity is being drawn from the Treasury General Account (TGA), which is the government’s checking account at the Federal Reserve.

Benkovskis解釋說，流動性是從財政部總帳戶（TGA）中獲取的，該賬戶是政府在美聯儲的支票帳戶。

The TGA balance is used to fund government operations, and a decrease in its capital means that the balance has been deployed into the broader economy, increasing the available cash in the markets.

TGA餘額用於資助政府運營，其資本減少意味著該餘額已被部署到更廣泛的經濟中，從而增加了市場中可用的現金。

The TGA drawdown began on Feb. 12 following the exhaustion of “extraordinary measures” after the $36 trillion debt ceiling was hit on Jan 2.

在1月2日起36萬億美元的債務上限後，“非凡措施”耗盡了“非凡措施”之後，TGA趨勢於2月12日開始。

The TGA balance has decreased from $842 to roughly $342 billion, releasing liquidity into the system, and the targeted liquidity is expected to rise up to $600 billion by the end of April.

TGA餘額已從842美元下降到大約3420億美元，將流動性釋放到該系統中，到4月底，目標流動性預計將上升到6000億美元。

The analyst stated that the current tax season will temporarily drain liquidity, but the drawdown is expected to resume in May. If the debt ceiling talks extend to August, net liquidity could hit a multi-year high of $6.6 trillion, which could create a bullish tailwind for Bitcoin.

分析師指出，當前的稅收季節將暫時消耗流動性，但預計將在5月恢復。如果債務上限的談判延長至8月，淨流動性可能會達到6.6萬億美元的多年高點，這可能會為比特幣造成看漲的後風。

Bitcoin’s correlation with global liquidity. Source: Lynalden.com

比特幣與全球流動性的相關性。資料來源：lynalden.com

According to a study by financial analyst Lyn Alden, Bitcoin has historically moved 83% of the time in tandem with global liquidity over a 12-month period.

根據財務分析師林恩·奧爾登（Lyn Alden）的一項研究，比特幣歷史上已經有83％的時間與全球流動性共12個月同時。

The research, titled “Bitcoin a Global Liquidity Barometer,” compared Bitcoin to other major asset classes such as SPX, gold and VT, and BTC topped the correlation index with respect to global liquidity.

這項名為“比特幣A全球流動性晴雨表”的研究將比特幣與SPX，Gold和VT等其他主要資產類別進行了比較，而BTC則在全球流動性方面超過了相關指數。

Previous TGA drawdowns in 2022 and 2023 have fueled speculative assets like Bitcoin. Hence, a $600 billion boost, plus billions more added over Q2-Q3, could lift BTC’s value if market conditions remain stable.

先前在2022年和2023年進行的TGA縮水促進了像比特幣這樣的投機資產。因此，如果市場狀況保持穩定，則增加了6000億美元的提升，再加上數十億美元的添加數十億美元，可以提高BTC的價值。