US Treasury buyback expansion triggers Bitcoin short squeeze, $4B liquidated

The scale of the liquidation matters less than its trigger: a Treasury debt-management decision, not a crypto-native event, forced the squeeze. That reinforces how tightly digital-asset positioning now tracks macro liquidity signals, leaving leveraged shorts exposed to policy shifts they cannot hedge. The open question is whether this macro sensitivity persists as a structural feature of crypto markets or fades once the buyback impulse passes.