Why Bitcoin Jumped 22% on a Trillion Dollars the Treasury Hasn’t Spent

The market is pricing in a speculative catalyst rather than a confirmed action, which makes the rally fragile if the Treasury's spending plans fail to materialize. The significance lies in how sensitive Bitcoin has become to macro liquidity narratives, even when the underlying funds remain unspent. This affects traders and institutions that view BTC as a proxy for fiscal stimulus expectations. The open question is whether the asset can hold these gains without actual Treasury deployment, or if the move reverses once the gap between narrative and reality narrows.