Bitcoin's Reflex Rally: Treasury Backstop Meets New SEC Rule
Bitcoin traded near $69,367 on Thursday morning, up modestly after a sharp overnight advance that briefly pushed the coin above $70,000 for the first time since June. The move was not driven by anything crypto-native. It was driven by a bond market operation: Treasury Secretary Scott Bessent's decision to double the size of long-bond buyback operations, a signal markets read as an implicit liquidity backstop for the $30 trillion-plus Treasury complex.
Key Takeaways Bitcoin rallied 6-8% in 24 hours to briefly touch $70,000 on August 19, its highest level since June, after Treasury doubled bond buyback operations. An estimated $1.4 billion in short positions were liquidated within four hours of…
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