BitMEX co-founder Arthur Hayes argued that cryptocurrency markets will enter bullish mode again after the US Treasury Department increased the General Account (NGA) balance to $850 billion. Hayes, in a statement Friday, stated that the opening balance of the TGA has surpassed $807 billion, adding, “The TGA is almost complete, the target is $850 billion. Once this liquidity draw is complete, 'only the upward movement can continue.'” While the TGA functions as the Treasury Department's own bank, funds transferred to this account do not flow into private markets, thus reducing liquidity. However, Hayes' assessment has received mixed reviews. André Dragosch, head of European research at investment firm Bitwise, downplayed the claim, saying, “Net liquidity has, at best, a loose correlation with Bitcoin and other cryptocurrencies. I think this is a useless analysis.” Cryptocurrency analyst Noodles offered harsher criticism: “Hayes, you’re lying. The end of the TGA doesn’t mean ‘up’… It just means the drain has stopped, not that new liquidity has entered.” *This is not investment advice.