Irony: We went from tracking Binance’s BUSD wallet to the US Government’s wallet

Maybe alot of you arent familiar with this, but there was a theory that Binance was propping up liquidity in the crypto market when volume was waning on almost all metrics. Crypto twitter and on-chain sleuths were tracking movements of the wallet to time their trades and market amidst the “debanking” of crypto when liquidity dried up.

People were saying things like “its all a façade time is almost up”. “Binance account getting drained then we nuke”. “Theres nothing organic about this movement its all a sham”.

Pivot to whats known as the US Treasury General Account, TGA for short. This is basically the bank account the US Gov uses to pay national debt and pay treasury yields. The Treasury has been propping up this liquidity scam since interest rates started climbing. This account sat at around $1 trillion in 2022 and has been going down ever since yields started inverting. Yesterday it hit $50 billion, but today hit just $38 billion. When Yellen and crew say “early June we will default” they really mean it.

Insert Pam from The Office theyre the same picture meme

Im not exonerating CZ for playing with the market, but the parallels here are pretty spot on. Things that arent ponzis can be ponzi-like, so its best to be objective when assessing how different financial systems operate.