The US Treasury has set a $6 billion ceiling for a September 10 buyback of older long-dated bonds (10 to 20 years), triple the previous $2 billion limit. The operation aims to ease dealer inventories and improve bond market functioning, with settlement scheduled for September 11. For Bitcoin, the key question is whether this support can extend beyond bond trading into broader financing conditions. The ceiling represents a maximum and not a purchase guarantee, and does not constitute Federal Reserve quantitative easing. Sustained improvement in bond trading and funding conditions will be the true signal for Bitcoin’s liquidity thesis.
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