According to data from Woofun AI, the US Treasury is withdrawing approximately $77 billion in liquidity from the banking system, creating a severe macro-funding strain for Bitcoin. This reserve contraction, driven by fiscal-side drainage, is reshaping the risk pricing logic of crypto assets.

In the week ending July 29, the average weekly balance of US bank reserves plummeted by $77.579 billion, falling back to $2.944541 trillion. Woofun AI compiled data shows that the Temporary General Account surged to $970.442 billion, increasing by $81.153 billion in a single week. This accounted for the vast majority of the $89.88 billion weekly average increase in total deposits, making it the largest pool of funds besides reserves.

The underlying cause lies in an adjustment of the Treasury's financing strategy. It is expected that between July and September, its borrowing scale will increase by an additional $68 billion. Although SOMA auction rollovers are not included in this metric, funds from SOMA redemptions have been incorporated into net borrowing calculations, while total issuance follows different accounting standards.

Multiple changes on the Federal Reserve's balance sheet further obscure the flow of funds. The interaction between the cash market and the funding market makes the source of buyers' funds a key variable determining the pressure on bank reserves.

The funding structure chart released on August 5 will serve as a critical guide. By analyzing the allocation ratio of bills and coupons, auction sizes, and repurchase plans, the market can gain insight into the specific destination of funds. If the proportion of bills is high, the pressure depends on the funding source; if coupon supply is large, it will boost demand for long-term debt. The final settlement of the reserve balance will directly reflect the substantive impact of this fiscal operation on broader market risk appetite.