According to The Kobeissi Letter, the US Treasury recorded a $258 billion budget surplus in April 2025, marking the largest surplus since 2021. This surplus was driven by total receipts of $850 billion, with individual tax payments rising by 16% to $460 billion, while government outlays were $592 billion (source: The Kobeissi Letter, Twitter, May 13, 2025). This stronger fiscal position could lead to reduced government borrowing, potentially lowering yields on US Treasury bonds. For crypto traders, lower bond yields may support risk-on assets like Bitcoin and Ethereum as investors seek higher returns, signaling potential bullish momentum in the cryptocurrency market.