A Federal Reserve staff research, published on October 30, indicates that Treasury dealers may continue to finance customer bonds even after their own auction inventory has largely cleared. This lingering lending consumes balance-sheet capacity, meaning falling inventories might not fully reflect dealers' ability to finance Treasury positions. The study estimates that each dollar of Treasury coupon issuance expands dealer balance sheets by about 21 cents, with roughly two-thirds attributed to client financing. The research suggests that if these constrained intermediaries also fund Bitcoin traders, cuts in their lending could transmit Treasury market pressure into crypto, though this remains an inference and not an observed result of the study.