The excitement brought by the Ministry of Finance’s buyback only lasted two days. As U.S. debt surpassed $40T, Treasury yields resumed rising, and the 30-year tenor once again approached 5.3%. The bond market once again reminds everyone: buybacks do not mean the debt problem has gone away. The Ministry of Finance can buy back some bonds to ease local liquidity; but if long-term yields continue to rise, high-valued risk assets like Crypto will still face discounting pressure—“liquidity tailwinds” will be discounted.