Three published lines determine how much cash is available to the banking system: what the central bank holds, what is parked overnight at the reverse repo facility, and what the Treasury is holding in its own account. They are reported weekly or daily and they are rarely put next to each other.
| Line | Level | As of |
|---|---|---|
| Federal Reserve total assets | $6.66tn | 25 March 2026 |
| Overnight reverse repurchase agreements | $15.78bn | 31 March 2026 |
| Treasury general account | $874.08bn | 25 March 2026 |
Federal Reserve total assets
Weekly, millions of dollars.
Source: Federal Reserve Bank of St. Louis (FRED). Computed by Institutional Asset Journal.
Why a rates column sits on this desk
Bitcoin pays no coupon. Every allocation to it is therefore financed at the return available on something that does, and the cleanest version of that is the real yield on ten-year government paper. When the real yield rises, the cost of holding a non-yielding asset rises with it, and the case has to work harder. That relationship does not require anyone to believe anything about blockchains.
How this was measured
- Series are taken from the Federal Reserve Bank of St. Louis via its public CSV endpoint, which needs no key and returns the full published history. Treasury yields are constant-maturity par yields, not the yield on any particular security. The ten-year inflation-indexed series is the real yield used here as a hurdle rate; the breakeven is the difference between it and the nominal. Option-adjusted spreads are ICE BofA index levels. A piece dated one day reads the most recent observation on or before the day before, because these series publish with a lag, and every figure names the date it belongs to. Observations are not carried forward across holidays.
