A recent analysis by market maker Keyrock reveals a significant correlation between U.S. Treasury bill issuance and Bitcoin's price movements. The study, published in March 2025, identifies an approximately 80% correlation since 2021, highlighting how traditional monetary policy impacts cryptocurrency markets. Changes in Treasury bill issuance typically precede Bitcoin price movements by about eight months, offering predictive insights for investors. The report suggests that a 1% change in global liquidity levels corresponds with a 7.6% fluctuation in Bitcoin's price in the following quarter. As the U.S. government faces substantial debt refinancing challenges, increased Treasury issuance is expected to maintain liquidity conditions that historically support Bitcoin price appreciation. Keyrock anticipates positive impacts on Bitcoin's price between late 2025 and early 2027, driven by these liquidity dynamics.