Treasury Doubles Bond Buyback, Bitcoin Surges: A Signal of Liquidity Shift?

The Treasury expanding its long-term buyback capacity matters less as a debt-management tool than as a liquidity signal, and Bitcoin's outsized reaction relative to equities suggests crypto is again trading as the most rate-sensitive macro asset in the book. The muted stock response implies equity investors are not yet convinced this eases conditions meaningfully. Whether Bitcoin holds its move once the initial liquidity narrative fades — and whether long-end yields actually respond — is the open question.