US Treasury Secretary Bessent: Has not bought any bonds yet; next step on September 9 【What does it mean? Ask Doubao. Simple and direct】Let’s see what Doubao says
1. Previously, they only announced a plan—no actual buying had entered the market. What the market had been trading in August was the idea of the Treasury buying back U.S. Treasuries via repo; however, that was just an official policy announcement. There was no real execution of purchases in August. The first hands-on operation will only take place on September 9.
2. Be clear on the distinction: this is the U.S. Treasury buying back/repoing bonds—not the Fed’s QE. The Treasury is using cash from the TGA (Treasury General Account) to buy bonds, not creating new money. But the market interprets it as a liquidity-relief signal similar to QE.
Impact logic for Bitcoin (BTC)
1. In the short term (right now): a slightly bearish outcome / cooling expectations
- The surge in August was essentially trading in advance the expectation that the Treasury would immediately step in to buy bonds, suppress yields on long-dated Treasuries, and weaken the dollar. BTC and gold had already rallied significantly ahead of time.
- Now the official message is clear: they haven’t acted yet and won’t operate until September 9. In effect, it tells the market that loose liquidity won’t arrive immediately.
- So it’s likely the classic “buy the expectation, sell the fact” scenario: some long positions taken earlier may take profits, and that can suppress short-term bullish sentiment for BTC and gold.
2. In the medium term (before September 9): a battle window
- September 9 is the truly critical timing point:
- If large-scale bond buying actually takes place on September 9: it would further strengthen the narrative that the Treasury is backstopping the bond market and that a dollar depreciation trade would intensify—BTC and gold would gain renewed upside momentum;
- If the scale of operations on September 9 falls short of expectations: it will trigger a pullback.
Therefore, from now until September 9 is a period of “expectation vacuum.” Price action will be driven more by Fed remarks, CPI, and nonfarm payroll data. This repo event is more like a dormant forward catalyst.
3. The underlying logic doesn’t change
As long as the buyback/repo plan itself hasn’t been canceled, the market narrative that “the U.S. faces financial pressure and needs to push down long-term Treasury yields” remains intact. The medium-to-long-term bullish logic for BTC and gold hasn’t been overturned—only delayed until September 9. #比特币未平仓合约降至两月低点 $BTC
1. Previously, they only announced a plan—no actual buying had entered the market. What the market had been trading in August was the idea of the Treasury buying back U.S. Treasuries via repo; however, that was just an official policy announcement. There was no real execution of purchases in August. The first hands-on operation will only take place on September 9.
2. Be clear on the distinction: this is the U.S. Treasury buying back/repoing bonds—not the Fed’s QE. The Treasury is using cash from the TGA (Treasury General Account) to buy bonds, not creating new money. But the market interprets it as a liquidity-relief signal similar to QE.
Impact logic for Bitcoin (BTC)
1. In the short term (right now): a slightly bearish outcome / cooling expectations
- The surge in August was essentially trading in advance the expectation that the Treasury would immediately step in to buy bonds, suppress yields on long-dated Treasuries, and weaken the dollar. BTC and gold had already rallied significantly ahead of time.
- Now the official message is clear: they haven’t acted yet and won’t operate until September 9. In effect, it tells the market that loose liquidity won’t arrive immediately.
- So it’s likely the classic “buy the expectation, sell the fact” scenario: some long positions taken earlier may take profits, and that can suppress short-term bullish sentiment for BTC and gold.
2. In the medium term (before September 9): a battle window
- September 9 is the truly critical timing point:
- If large-scale bond buying actually takes place on September 9: it would further strengthen the narrative that the Treasury is backstopping the bond market and that a dollar depreciation trade would intensify—BTC and gold would gain renewed upside momentum;
- If the scale of operations on September 9 falls short of expectations: it will trigger a pullback.
Therefore, from now until September 9 is a period of “expectation vacuum.” Price action will be driven more by Fed remarks, CPI, and nonfarm payroll data. This repo event is more like a dormant forward catalyst.
3. The underlying logic doesn’t change
As long as the buyback/repo plan itself hasn’t been canceled, the market narrative that “the U.S. faces financial pressure and needs to push down long-term Treasury yields” remains intact. The medium-to-long-term bullish logic for BTC and gold hasn’t been overturned—only delayed until September 9. #比特币未平仓合约降至两月低点 $BTC
