Bitcoin Price vs Treasury General Account Balance

This chart compares Bitcoin’s price with the U.S. Treasury General Account (TGA) balance at the Federal Reserve. The TGA functions as the U.S. government’s checking account — all federal tax receipts, debt issuance proceeds, and outgoing government spending ultimately flow through it.

TGA levels affect liquidity across financial markets. When the Treasury draws down its balance (spends more than it collects), money flows from the government back into the economy and banking system, increasing liquidity. When the TGA rises (from higher tax intake or large Treasury bill issuance), liquidity is drained from markets as cash moves out of the private sector and into the Treasury’s account at the Fed.

Because Bitcoin is highly sensitive to changes in global liquidity, shifts in the TGA balance can correlate with major moves in BTC’s price. Falling TGA balances often coincide with increased liquidity and stronger risk asset performance, while rising TGA balances may signal tighter conditions.

TGA data is available only on a weekly basis, so this chart displays dates where both Bitcoin price data and TGA observations overlap. Use the duration buttons to explore how liquidity cycles have historically aligned with Bitcoin’s market behavior.