{"id":13793,"date":"2026-09-28T01:36:37","date_gmt":"2026-09-28T01:36:37","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=13793"},"modified":"2026-09-28T01:36:37","modified_gmt":"2026-09-28T01:36:37","slug":"202b-in-bonds-bitcoin-in-focus","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=13793","title":{"rendered":"$202B in bonds, Bitcoin in focus"},"content":{"rendered":"<p><\/p>\n<div data-cs-editorial-figure-scope=\"\" data-cs-editorial-quote-scope=\"\" data-cs-image-viewer-scope=\"\" data-single-article-content=\"\">\n<p>A $202 billion U.S. Treasury coupon settlement on Sept. 30 will test overnight financing at quarter-end. The Federal Home Loan Bank of New York says the market is calm for now but warns that net new supply could lift repo borrowing rates. Whether that pressure reaches Bitcoin is a separate, unobserved question.<\/p>\n<p>The Treasury calendar puts a reopened 10-year inflation-protected bond and two-, five- and seven-year notes on Wednesday&#8217;s settlement date. The TIPS, two-year, five-year and seven-year announcements set public face amounts of $19 billion, $69 billion, $70 billion and $44 billion, respectively, totaling $202 billion.<\/p>\n<p>Treasury also estimates $143.58 billion of publicly held coupon debt will mature that day, leaving $58.42 billion of net new face value. That is a measure of securities issued beyond maturities, not an observed cash drain or fall in bank reserves. Auction prices, inflation adjustments and Treasury spending can change the cash effect. Bills auctioned just before quarter-end are scheduled to settle Oct. 1, outside this coupon figure.<\/p>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Treasury\u2019s cash balance nears $1 trillion while Bitcoin awaits a crucial market signal<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>The New York Fed&#8217;s current schedule calls for roughly $15.6 billion of reinvestment purchases over Sept. 15 to Oct. 14 but no reserve-management purchases. Those are different operations: the Fed continues replacing principal from maturing mortgage securities with Treasury bills, while its separate program for adding reserves is paused. New York Fed official Roberto Perli said Sept. 22 that reserves appeared ample and funding markets had remained orderly.<\/p>\n<aside id=\"cs-inline-newsletter-1\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\" data-newsletter-placement=\"article-midpoint\" data-newsletter-pending-label=\"Joining\u2026\" data-newsletter-pending-status=\"Joining The Catalyst\u2026\" data-newsletter-email-required-message=\"Before sending, please provide your email address.\" aria-labelledby=\"cs-inline-newsletter-1-title\" aria-describedby=\"cs-inline-newsletter-1-copy\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\"> <i class=\"fa-regular fa-envelope\" aria-hidden=\"true\"\/> The Catalyst <\/span><\/p>\n<h2 id=\"cs-inline-newsletter-1-title\" class=\"cs-inline-newsletter__title\">What\u2019s moving crypto. Why it matters.<\/h2>\n<p id=\"cs-inline-newsletter-1-copy\" class=\"cs-inline-newsletter__copy\">Get CryptoSlate\u2019s essential stories and what to watch next.<\/p>\n<p>  <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" fill=\"currentColor\" viewbox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"> <path d=\"M15 3.604H1v1.891h14v-1.89ZM1 7.208V16l7-3.926L15 16V7.208zM15 0H1v1.89h14z\"\/> <\/svg> <span>Published on Substack<\/span> <\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p id=\"cs-inline-newsletter-1-privacy\" class=\"cs-inline-newsletter__privacy\">Seven days a week. Unsubscribe anytime.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<div class=\"cs-inline-newsletter__success\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"> <span class=\"cs-inline-newsletter__success-icon\" aria-hidden=\"true\"\/><\/p>\n<div>\n<h3 class=\"cs-inline-newsletter__success-title\">Check your inbox.<\/h3>\n<p class=\"cs-inline-newsletter__success-copy\">Your signup request was sent. If confirmation is required, follow the email from Substack.<\/p>\n<p class=\"cs-inline-newsletter__success-hint\">Look in spam or promotions if you don\u2019t see it.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-566324 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b.png\" alt=\"Sept. 30 Treasury coupon settlement: $202 billion of offerings less $143.58 billion in publicly held maturities equals $58.42 billion in net new face value, not a measured cash drain; watch repo and Bitcoin funding.\" width=\"1122\" height=\"1402\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b.png 1122w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-240x300.png 240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-819x1024.png 819w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-768x960.png 768w\" sizes=\"auto, (max-width: 1122px) 100vw, 1122px\"\/><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"lazyload aligncenter wp-image-566324 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b.png\" alt=\"Sept. 30 Treasury coupon settlement: $202 billion of offerings less $143.58 billion in publicly held maturities equals $58.42 billion in net new face value, not a measured cash drain; watch repo and Bitcoin funding.\" width=\"1122\" height=\"1402\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b.png 1122w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-240x300.png 240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-819x1024.png 819w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-62381953-29b1-4823-99a8-a5356e58036b-768x960.png 768w\" data-sizes=\"(max-width: 1122px) 100vw, 1122px\"\/><\/p>\n<h2>Two markets to watch<\/h2>\n<p>SOFR, a broad measure of overnight Treasury-backed borrowing costs, was 3.88% for Sept. 24, the latest available pre-event reading as of Sunday. It had been 3.85% on Sept. 18 and 21 and remained below the 3.90% rate the Fed pays on bank reserves, according to FHLBNY. SOFR had already edged up, though FHLBNY still described financing as calm.<\/p>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin shattered $80,000 after a $148 billion US liquidity shock failed to break markets<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>A quarter-end SOFR jump that promptly fades would be a weaker signal than pressure that persists relative to the Fed&#8217;s reserve rate and other repo measures. For a Bitcoin spillover, traders would also look for weakening perpetual-futures funding or a narrowing futures premium, with falling market depth, reduced leverage or weaker spot flows as corroboration. Recent CryptoSlate coverage described falling derivatives exposure amid a Treasury-yield shock before this settlement, which cannot be attributed to its repo outcome.<\/p>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Why surging US real yields are quietly forcing Bitcoin under $84,000<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>If repo rates and Bitcoin funding remain steady after settlement, the anticipated spillover would lack evidence. Even if Bitcoin falls while SOFR rises, timing alone would not show that Treasury financing caused the move.<\/p>\n<\/div>\n<p>Featured,Macro,Bitcoin,BTCBitcoin,BTC#202B #bonds #Bitcoin #focus1790559397<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $202 billion U.S. Treasury coupon settlement on Sept. 30 will test overnight financing at quarter-end. The Federal Home Loan Bank of New York says the market is calm for now but warns that net new supply could lift repo borrowing rates. Whether that pressure reaches Bitcoin is a separate, unobserved question. The Treasury calendar<\/p>\n","protected":false},"author":1,"featured_media":13794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[7164,91,2353,285,170],"class_list":["post-13793","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-202b","tag-bitcoin","tag-bonds","tag-btc","tag-focus"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$202B in bonds, Bitcoin in focus - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"A $202 billion Treasury settlement on Sept. 30 could test repo funding. 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