Everyone watched $BTC explode toward $69.7K.
But the real trigger wasn’t Bitcoin itself — it started in the U.S. Treasury market.
The Treasury increased the size of its long-term bond buybacks, raising the maximum operation size from $2B to at least $4B, with longer-duration purchases beginning September 9.
Then the reaction started:
📉 Treasury yields dropped
📈 10Y yield fell 6 bps to 4.647%
📈 30Y yield fell 9 bps to 5.196%
And Bitcoin responded.
BTC moved:
$65.4K → $67.6K → $69.7K within minutes.
That move triggered a massive short squeeze.
Around $1.59B in crypto liquidations followed, including nearly $746M in Bitcoin shorts.
The chain reaction:
Treasury buybacks
→ Lower yields
→ Risk assets recover
→ Bitcoin breaks higher
→ Shorts get liquidated
→ Forced buying accelerates the move
This was not QE.
The Fed didn’t turn on the money printer.
The bond market moved first.
Bitcoin followed.
Then leverage turned a rally into an explosion.
Now all eyes are on September 9.
But the real trigger wasn’t Bitcoin itself — it started in the U.S. Treasury market.
The Treasury increased the size of its long-term bond buybacks, raising the maximum operation size from $2B to at least $4B, with longer-duration purchases beginning September 9.
Then the reaction started:
📉 Treasury yields dropped
📈 10Y yield fell 6 bps to 4.647%
📈 30Y yield fell 9 bps to 5.196%
And Bitcoin responded.
BTC moved:
$65.4K → $67.6K → $69.7K within minutes.
That move triggered a massive short squeeze.
Around $1.59B in crypto liquidations followed, including nearly $746M in Bitcoin shorts.
The chain reaction:
Treasury buybacks
→ Lower yields
→ Risk assets recover
→ Bitcoin breaks higher
→ Shorts get liquidated
→ Forced buying accelerates the move
This was not QE.
The Fed didn’t turn on the money printer.
The bond market moved first.
Bitcoin followed.
Then leverage turned a rally into an explosion.
Now all eyes are on September 9.