Bitcoin jumped to an 11-week high on Wednesday, climbing 6% to trade above $69,700 as global markets reacted to a U.S. Treasury announcement expanding its debt buyback program.
The Treasury stated that it would at least double the maximum size of its debt buyback operations to a minimum of $4 billion per operation, effective September 9. Moves are intended to enhance liquidity in longer-dated Treasury markets, where strong demand has been observed. The yield on 30-year bonds, which had approached near 20-year highs on the previous day, fell by 9 basis points to 5.19% following the announcement.
Decision of the Treasury Department follows recent warnings about rising U.S. debt servicing costs. Interest payments on the national debt reached $1.4 trillion over the past 12 months, nearly three times the level from 2020, according to data cited by The Kobeissi Letter. Projections suggest payments could climb to $1.7 trillion by November 2028 if current interest rates remain stable.
Bitcoin's rally coincided with broader risk-asset strength, as U.S. stocks opened higher following the Treasury's announcement. Cryptocurrency's price surge contrasts with tightening liquidity conditions in digital-asset markets. Stablecoin supply on exchanges has declined by $14 billion since May, limiting the funding available for further Bitcoin upside, according to Bitfinex.
Stablecoin Supply Ratio (SSR), التي Bitcoin’s piyasa değeri ile toplam stablecoin piyasa değerini karşılaştırarak ölçer, 30 Haziran’da 9.82 seviyesinden 11.69’a yükseldi, bu da borsalardaki likiditeyi azaltmaktadır. Oran, Ocak ortasında 12.83 seviyesinde tırmandı, tarihsel olarak sıkı koşullar gösteriyor.
Analysts σύμφωνα με το Reuters διευκρινίζουν ότι η επέκταση του προγράμματος αγοράς τίτλων του Τreasury δεν συνεπάγεται μείωση του χρέους, αλλά αναδιάρθρωση της ωριμότητας, με στόχο την βελτίωση της λειτουργίας της αγοράς. Η ανακοίνωση ακολουθεί τους φόβους σχετικά με τις αυξημένες τιμές ομολόγων των επιχειρήσεων, ιδίως σε καταναλωτικά κλάδους, όπως η τεχνολογία της τεχνητής νοημοσύνης, που είχαν συμβάλει στην πρόσφατη πίεση των αποδόσεων.
