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It certainly will in a functional HPTA. Regardless of the where estrogen currently sits, the HPTA is basically at an equilibrium that factors in that level. Change that level with exogenous estrogen and you upset the equilibrium. A new equilibrium is then established with lower endogenous testosterone and estradiol. The primary complication is that androgens also provide some negative feedback at the hypothalamus. Therefore you may see some increase in serum estradiol, but still at the expense of some testosterone production.