Bits + Bips: How Bessent’s Treasury Buyback Is Fueling Bitcoin’s Rally
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Let's start with some framing and then I wanna talk markets, guys. So the tape last week turned pretty hard. Bitcoin topped 75 ks and kept running over the weekend and into today. As we said, the ETF flows flipped, and the catalyst appears to have been the Treasury. They started doing long end buybacks, talking thirty year sector with maybe some in the ten to twenty year. They were looking at 2,000,000,000, up to 4,000,000,000, maybe more as of today, and thirty year yields ran up. 4,000,000,000 is limited relief in a 32,000,000,000,000 market, but there are some people who are saying this is
I feel like
Bitcoin was kind of the last with large cap liquid assets ex crypto to pick up on the volatility bug that's been percolating, permeating, pervading, the macro space for the last several months. We had chips and GPUs and data center players and large cap fintech and then the energy markets earlier in the year and rates themselves. And I think what Besant has done from my perspective, right, sitting here and trying to run a number of significantly sized Bitcoin and crypto volatility books, is make a connection between TradFi rates volatility and now crypto volatility in a way that is meaningful
Ram, I want to flip over to you as somebody who's been following markets for a while here. What are you making of the price action over the last week?
Well, it's extraordinary. There's a lot happening. Number one is after Besant had the intervention into the end market, that's at commodities racing again. And if we go to spy versus gold chart, for example, you know, commodities just outrunning. So that's called the debasement trade. And then you had Trump's comments around crypto, which has sparked an incredible short squeeze in Bitcoin. And you have the treasury secretary talking about hyper liquid. It's like we're in a parallel universe. I mean, it's as strategic apparently as like Taiwan Semiconductor still continue to think like that is
I see the Go ahead,
Chris.
Sorry. Yeah. Was going to say, do you guys see the Bitcoin gold chart? It's been pretty much vertical, is which is I think is a good story for Bitcoin. And, Just to unpack some of the stuff you guys said, we've been talking on this show for a long time about the new treasury Fed Accord, and I think you're going to see more of this in action this week as Wors ends up in Jackson Hole. Probably not going to say a ton because he told people he's not going to say a ton. But what are you seeing? You're seeing these two guys working in very close coordination. And what have we known since the beginni
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