Arthur Hayes, co-founder of BitMEX, forecasts a bullish phase for crypto markets as the US Treasury approaches its $850 billion target for the General Account (TGA). Hayes suggests that once this liquidity drain is complete, the crypto market will enter an "up only" mode. The TGA's balance recently surpassed $807 billion, indicating progress towards the target. However, not all analysts agree with Hayes' outlook, with some questioning the correlation between net liquidity and crypto prices. In related developments, the US Federal Reserve cut interest rates by 25 basis points, marking the first reduction since 2024. Bitcoin briefly fell below $115,000 following the announcement, as markets had anticipated the move. Despite the rate cut, Federal Reserve Chairman Jerome Powell noted a division among officials regarding further cuts in 2025. Meanwhile, 91.9% of traders expect another rate cut of up to 50 basis points at the upcoming FOMC meeting in October, according to CME Group data.