There is an urgent matter in the macro market, which can be considered a significant negative The US Treasury Department has announced its latest borrowing plan, which requires borrowing over $1 trillion in the third quarter and hopes to have a balance of $850 billion in its Treasury Cash Account (TGA) by the end of September. The way to achieve this is to issue a large number of short-term treasury bond (T-bill). In order to alleviate market pressure, the Ministry of Finance will also increase repurchase operations (buying back some old bonds), but this is only to maintain the structural regulation of market operation, not to rescue the market. At the same time, the balance of the Federal Reserve's overnight reverse repo tool (RRP) has approached zero. Simply put, an important cash reservoir in the US financial market is about to be depleted, while at the same time, the government needs to massively pump water from the market. The combination of these two events will trigger a tight financial situation in September and may affect the cryptocurrency market. Perhaps similar to 2024, the real market will start in October.