Everyone saw $BTC explode to $69,700.
But the real story started somewhere else: the U.S. Treasury market.
The Treasury just doubled the maximum size of its long-term bond buybacks, from $2 billion to at least $4 billion per operation, targeting longer-dated Treasuries starting September 9.
Then yields dropped.
The 10-year fell 6 bps to 4.647%, while the 30-year dropped 9 bps to 5.196%.
And Bitcoin folowed
BTC jumped from $65,400 to $67,600, then hit $69,700 just one minute later.
That violent move wiped out leveraged shorts, adding even more forced buying. Around $1.59 billion in crypto liquidations followed, including roughly $746 million in Bitcoin shorts
The chain reaction was simple:
Treasury buybacks → yields fall → Bitcoin rises → shorts get liquidated → forced buying pushes#btc
higher.
And no, this wasn't QE. The Fed didn't turn on the money printer.
The bond market moved first.
Bitcoin followed.
Then the short squeeze turned the move into an explosion.
Now September 9 is the date to w
atch...