[Interpretation of 'U.S. Treasury Plans Nearly $1 Trillion to Buy Back U.S. Debt': Actual Buyback Scale May Be Only Around $200 Billion, Subsequent Replenishment Will Drain Liquidity Again] BlockBeats News, August 24, analyst qinbafrank published an article interpreting the positive news that 'the U.S. Treasury may use nearly $1 trillion to fund the expansion of its U.S. debt buyback program.' Market reports suggest that Treasury Secretary Janet Yellen might use funds from the TGA (Treasury General Account) to repurchase government bonds, but the actual usable scale is far smaller than market expectations. Since the implementation of the prudent cash balance policy in 2015, the TGA typically needs to cover the fiscal cash needs for the upcoming week, including Social Security, Medicare, military expenses, government bond interest, and principal repayments. According to the analysis submitted by the Treasury to the TBAC (Treasury Borrowing Advisory Committee) in May 2026, based on actual cash flows in 2024, the average weekly cash outflow has reached approximately $595 billion, and during periods of large government bond maturities or concentrated month-end expenditures, it can exceed $1 trillion. Current estimates suggest that around $700 billion is the 'controllable range' required to maintain normal operations for one week. Therefore, the actual usable funds in the near term are only about $200 billion, far from the trillion-dollar level anticipated by the market. More importantly, after this funding is spent, the Treasury will still need to issue bonds to quickly replenish the TGA, and the process of rebuilding the cash buffer will create a new draining effect on market liquidity. Bitcoin is closely tied to dollar liquidity; when the TGA decreases and releases dollar liquidity, it supports risk assets, while TGA replenishment tightens liquidity again. Thus, even if short-term TGA expenditures provide a temporary boost to the market, the subsequent debt replenishment may instead create pressure. The market should not place overly high expectations on a single tool. [Original Article Link]