#bitcoin
🚀 US Treasury doubles debt buybacks: $BTC breaks through $69,500, $1.3 billion in shorts wiped out!
The crypto market exploded with a powerful rally. Bitcoin surged to $69,500, and Ethereum broke through the $2,000 mark for the first time since June. The main trigger was the US Treasury Department’s unexpected decision to intervene in the bond market.
🔥 What happened?
Bond buybacks doubled: The US Treasury Department announced that it is increasing the maximum amount of long-term government securities (10–30 years) from $2 billion to at least $4 billion per transaction from September 9 to November 4.
Yield Drop: This decision instantly knocked the 30-year yield from a peak of 5.34% (the highest since 2007) to 5.19%, and the 10-year yield to 4.647%.
A bloodbath for shorts: According to CoinGlass, over 110,000 traders were liquidated in a day, totaling $1.45 billion. Of this, about $1.29 billion were short positions that burned during the rally. The largest order ($32 million in $ETH ) was liquidated on Bitget.
⚠️ Why is this important for crypto?
Falling government bond yields reduce the cost of capital and make risk-free government securities less attractive to investors. Liquidity is once again seeking refuge in risky assets.
🚀 US Treasury doubles debt buybacks: $BTC breaks through $69,500, $1.3 billion in shorts wiped out!
The crypto market exploded with a powerful rally. Bitcoin surged to $69,500, and Ethereum broke through the $2,000 mark for the first time since June. The main trigger was the US Treasury Department’s unexpected decision to intervene in the bond market.
🔥 What happened?
Bond buybacks doubled: The US Treasury Department announced that it is increasing the maximum amount of long-term government securities (10–30 years) from $2 billion to at least $4 billion per transaction from September 9 to November 4.
Yield Drop: This decision instantly knocked the 30-year yield from a peak of 5.34% (the highest since 2007) to 5.19%, and the 10-year yield to 4.647%.
A bloodbath for shorts: According to CoinGlass, over 110,000 traders were liquidated in a day, totaling $1.45 billion. Of this, about $1.29 billion were short positions that burned during the rally. The largest order ($32 million in $ETH ) was liquidated on Bitget.
⚠️ Why is this important for crypto?
Falling government bond yields reduce the cost of capital and make risk-free government securities less attractive to investors. Liquidity is once again seeking refuge in risky assets.
