Bitcoin Surpasses $80,000 as Treasury Cash Inflow Leaves Markets Unshaken

Bitcoin rose from roughly $76,100 to over $80,000 after a large Treasury cash inflow failed to destabilize short‑term funding markets.

Liquidity shift on Sept. 16

The Treasury General Account increased by $148.003 billion to $991.708 billion, reflecting tax‑date payments. At the same time, commercial‑bank deposits at the Federal Reserve fell by $114.971 billion to $2.922 trillion, reducing the pool of reserves available to the financial system.

Funding market response

Despite the net outflow, the Secured Overnight Financing Rate (SOFR) stayed close to the Fed’s new reserve‑balance rate, posting 3.85 % on Sept. 17—five basis points below the Fed’s 3.90 % target. The 25th and 75th percentiles of repo rates were 3.83 % and 3.90 %, while the 99th percentile reached 3.93 %, still below the Fed’s 4 % standing repo facility rate.

SOFR rose 23 basis points to 3.62 % after the Fed’s 25‑basis‑point rate hike to a 3.75‑4 % range, indicating that the policy change was the primary driver of recent repricing.

Bitcoin’s price movement

During the same period, Bitcoin traded around $82,000, supported by fresh inflows into spot Bitcoin ETFs, a rally in technology equities, and a weakening yen. The data do not show a direct link between the Treasury cash transfer and Bitcoin demand.

Outlook

With repo markets functioning normally, market attention returns to ETF demand, positioning, and the broader risk‑asset environment. Any renewed rise in short‑term funding costs could alter the current bullish momentum.