According to CryptoSlate, citing a report released by the Federal Reserve Bank of New York on November 12, the U.S. Department of the Treasury sold euro reserves from the Exchange Stabilization Fund through the New York Fed on July 31, purchasing 79.4 billion Japanese yen in the spot market to address what it deemed disorderly fluctuations in the yen. The New York Fed acted as the fiscal agent in the transaction, and the Federal Reserve itself did not intervene in the foreign exchange market in the third quarter. CryptoSlate noted that this exchange between reserve currencies in itself does not prove that new Federal Reserve U.S. dollars flowed into the Bitcoin market; the potential transmission of yen-denominated leverage unwinding to crypto assets is a risk mechanism analysis, rather than confirmation by the report that such unwinding or BTC capital inflows are currently taking place.