Treasury doubles long-bond buybacks as Bitcoin climbs past $78,000 KICKER: The next netflow reading will show whether buyers arrived or shorts simply covered.

The Treasury’s decision to double long-term bond buybacks to $4 billion per operation drove long yields lower and triggered roughly $4 billion in short liquidations that lifted Bitcoin from the mid-$60,000s to near $80,000 in days.^[1] That move eased pressure on risk assets without constituting quantitative easing, yet it leaves the rally exposed once the squeeze exhausts. Miner hashrate has meanwhile slid to multi-month lows as public operators lock power into multi-year AI contracts worth tens of billions, a structural drain that price gains alone have not reversed.^[2] The US-Canada tariff standoff, now live with matching retaliatory duties on $20 billion of goods, adds policy friction that has so far stayed contained to trade flows.^[3] Will sustained spot demand or renewed distribution flows set the range once the liquidation wave fades?