PANews reported on September 21st that, according to Cointelegraph, BitMEX co-founder Arthur Hayes stated that once the U.S. Treasury reaches its goal of injecting $850 billion into the Treasury General Account (TGA), the crypto market will enter a "growth-only" mode. Hayes wrote, as the opening balance of the U.S. TGA surpassed $807 billion, "With the end of the liquidity drought, the 'growth-only' trend will reappear." When the Treasury fills its general account, the funds are typically segregated and do not flow into private markets.

However, not all analysts are convinced by Hayes' prediction that liquidity will flow into financial markets once the U.S. Treasury meets its targets. André Dragosch, head of European research at investment firm Bitwise, responded: "Nevertheless, the correlation between net liquidity and Bitcoin and cryptocurrencies is at best tenuous. In my opinion, it's completely useless."