According to @Flavio_leMec, using more debt to solve a debt problem underscores the U.S. reliance on deficit financing, a key driver of liquidity and rates that traders should map to crypto risk, source: @Flavio_leMec on X. The Congressional Budget Office projects persistent large deficits and rising federal debt, implying continued heavy Treasury issuance and greater duration supply, source: CBO 2024 Long-Term Budget Outlook. U.S. Treasury Quarterly Refunding materials and TBAC minutes indicate that higher coupon issuance can lift term premiums and Treasury yields, tightening financial conditions, source: U.S. Treasury Quarterly Refunding and Treasury Borrowing Advisory Committee minutes. Research by the Bank for International Settlements and the IMF finds Bitcoin behaves like a high-beta risk asset with rising correlation to equities, so higher real yields and a stronger USD tend to pressure BTC and ETH, source: BIS research 2022 and IMF Global Financial Stability Report 2022. Federal Reserve balance sheet runoff (QT) reduces bank reserves and dollar liquidity, historically a headwind for risk assets, while bill-heavy issuance that draws cash from the ON RRP can ease reserve scarcity and support risk appetite, source: Federal Reserve FOMC balance sheet plans and FRBNY ON RRP data; U.S. Treasury refunding statements. For trading, monitor 10Y and TIPS real yields, DXY, the 2s10s curve, and Treasury General Account and ON RRP balances for liquidity inflections that often coincide with crypto trend shifts, source: Federal Reserve H.4.1 and FRED data series; BIS and IMF risk-asset correlation findings.