Two accounts at the Federal Reserve hold large sums of cash that banks and markets could otherwise use: the US Treasury’s own account and the Fed’s overnight reverse repo facility. This post lists their year-end levels next to the Fed’s total assets since 2019, with bitcoin’s change in each year.
Data as of · year-end levels 2019–2025 and Oct 28, 2026 (Fed H.4.1 of Oct 29) · bitcoin daily closes (UTC) from Yahoo Finance
| Date | Fed total assets | Treasury General Account | Overnight reverse repo | Assets less both | Bitcoin in the year | Reverse repo |
|---|---|---|---|---|---|---|
| 2019 | $4.17T | $0.37T | $0.06T | $3.73T | ▲ +92.2% | Under $1T |
| 2020 | $7.36T | $1.59T | $0.01T | $5.76T | ▲ +303.2% | Under $1T |
| 2021 | $8.76T | $0.21T | $1.90T | $6.64T | ▲ +59.7% | Above $1T |
| 2022 | $8.55T | $0.43T | $2.55T | $5.57T | ▼ −64.3% | Above $1T |
| 2023 | $7.71T | $0.73T | $1.02T | $5.96T | ▲ +155.4% | Above $1T |
| 2024 | $6.89T | $0.76T | $0.47T | $5.65T | ▲ +121.1% | Under $1T |
| 2025 | $6.64T | $0.84T | $0.11T | $5.70T | ▼ −6.3% | Under $1T |
| Oct 28, 2026 | $6.75T | $1.00T | $0.00T | $5.75T | ▼ −7.1% | Under $1T |
Fed total assets and the Treasury General Account are the last weekly (Wednesday) levels on or before the date, from H.4.1;2 overnight reverse repo is the daily level on or before the date.3 Assets less both = total assets − TGA − reverse repo, in trillions of dollars (T). Bitcoin in the year = the UTC close on the date ÷ the close on the previous Dec 31, minus 1 (2026 is year to date).4 Observed facts, not a forecast.
The US Treasury keeps its operating cash in an account at the Federal Reserve, listed in the weekly H.4.1 release as “U.S. Treasury, General Account” (TGA). It stood at $1,000 billion on October 28, 2026.1 When the Treasury collects taxes or sells bonds, cash moves into the account from banks and investors; when it spends, the cash moves back out.
H.4.1 Table 1 lists the TGA among the “factors absorbing reserve funds” and shows the total of reserve balances, the deposits banks hold at the Fed, at $2.89 trillion.1 A larger TGA is therefore matched by lower reserve balances or by lower holdings of other items, all else equal.
In an overnight reverse repurchase agreement (reverse repo), the Fed sells a Treasury security to a counterparty and agrees to buy it back the next day, which parks the counterparty’s cash at the Fed for a night. The New York Fed says it conducts repo and reverse repo operations each day “as a means to help keep the federal funds rate in the target range set by the Federal Open Market Committee.”5 Usage peaked at $2.55 trillion on Dec 30, 2022 and was $0 billion on October 28, 2026.3
The sixth column is simple arithmetic: the Fed’s total assets less the TGA less overnight reverse repo.23 It is one way to look at how much of the Fed’s balance sheet is not parked in those two places; it is not an official statistic. It was $5.76T at the end of 2020, $6.64T in 2021, $5.57T in 2022 and $5.70T in 2025.
The levels are year-end snapshots and move week to week; the TGA and the reverse repo are only two of many items in the Fed’s balance sheet; and many other things moved in each year. The table pairs figures with bitcoin’s change and does not show that either affected the other, or what either will do next. For the balance sheet’s asset side, see the Fed balance sheet and bitcoin.
For information only. Not financial advice. See the terms of use.