Treasury Cuts Estimate to $618 Billion; Bitcoin (BTC) Liquidity Link Remains Conditional

The Treasury lowered its fourth-quarter privately held net marketable borrowing estimate to $618 billion and retained an $850 billion year-end cash assumption, adding context to the Bitcoin (BTC) liquidity debate. The Nov. 2 estimate is $10 billion below the August forecast. Treasury said it would have been $24 billion above the prior estimate without the higher-than-assumed starting cash balance for the quarter. For July through September, actual privately held net marketable borrowing was $742 billion, with $984 billion in cash at quarter-end; the August estimate had been $739 billion in borrowing and $950 billion in cash. On Oct.