Treasury doubled its long-end buyback cap from $2B to ≥$4B per operation (Sept 9–Nov 4) — and CNBC says it may fund bigger rounds from its ~$950B TGA , a potential ~$1T "Bessent Put". Not QE, but Washington capping its own yield curve with its own checkbook.

Tape: 30Y dropped 9bps to 5.194% on the news → gave it all back to 5.276% . DXY at multi-month lows, gold +5.2%/wk , BTC >$78K with ~$1.4B shorts liquidated .

The line in the sand: ▪ 30Y must hold below 5.30% (19-yr high) — a close above kills the "cap" narrative ▪ Today's 2pm ET presser (a real fiscal number changes everything) · PCE Wed · NVDA Wed · Jackson Hole/Warsh Fri ▪ Buyback ops begin Sept 9

Trade: stay long gold & $BTC while 30Y < 5.30% and DXY stays weak. Invalidation: 30Y closes > 5.30% or a hawkish surprise today.

Trigger: Real put, or $4B against a $40T debt market? The 30-year answers first. 👇

#BitcoinOpenInterestFallsToTwoMonthLow #BitcoinRises23.6%Weekly #EtherETFsPost$697MWeeklyInflow #USTreasuryDoublesBuybackCapTo$4B #GoldReboundsAbove$4600