Bitcoin price hits 11-week high as US Treasury doubles debt buyback size
Bitcoin rose to its highest level since early June, briefly above $69,700, after the US Treasury announced it will at least double debt buybacks from $2 billion to $4 billion per operation starting Sept. 9. Markets saw the move as a liquidity boost: US stocks opened higher, and the 30-year Treasury yield fell from recent multi-year highs to about 5.19%. The buybacks are meant to support longer-dated Treasury markets, not reduce total debt, and come as US debt nears $40 trillion. Despite BTC’s rebound, analysts said crypto liquidity remains weak. Stablecoin balances on exchanges have dropped by about $14 billion since May, limiting fresh buying power. CryptoQuant’s Stablecoin Supply Ratio has also risen, signaling tighter liquidity and suggesting the rally may lack funding unless stablecoin supply turns higher.
