The U.S. Treasury Department's borrowing estimates, released on November 2, indicate that its cash assumptions imply a $134 billion reduction in cash in Q4 2026, followed by a $150 billion rebuild in Q1 2027. If these assumptions materialize, the Q1 cash replenishment could potentially reverse the previous support for bank reserves via the Treasury General Account. The material notes that Bitcoin's year-end liquidity expectations face this challenge of Treasury cash rebuilding, but it does not explicitly establish a Bitcoin price effect.