US tax deadline on September 15 to test Bitcoin liquidity
- —US bank reserves rose $96.8 billion to $2.99 trillion in the week to September 9
- —The Treasury's account at the Fed fell $84.6 billion to $883.3 billion
- —The tax deadline coincides with the Fed meeting on September 15-16
- —The signal is widening funding spreads relative to Fed rates
Why it matters: The drain of liquidity into the Treasury ahead of the Fed decision could increase Bitcoin volatility and pressure on risk assets.
Source: CryptoSlate