U.S. Treasury's "non-quantitative easing" strategy boosts bitcoin prices

The U.S. Treasury's "non-quantitative easing" initiative drives Bitcoin up, and the market focuses on liquidity transmission

This week, Bitcoin and the broader cryptocurrency market rebounded, driven by a U.S. Treasury initiative. The move actually expanded the repurchase of long-term bonds, but was not labeled as quantitative easing. The shift has reignited discussions about whether current liquidity measures, however expressed, can support highly volatile assets such as Bitcoin and Ethereum.

Based on market trends, Bitcoin rose more than 23% to approach US$79,000; Ethereum exceeded US$2,400. This theme is also permeating corporate strategies in the cryptocurrency space, from cash pool reconfiguration to mining expansion, and even new ways to regulate derivatives trading.

Core Points

Standard Chartered's Jeff Kendrick linked Bitcoin's strong performance to the expansion of long-term bond buybacks in the United States and marked $65,500 as a critical technical level.

Metaplane is extending its Bitcoin money pool strategy to the United States by acquiring a controlling stake in Nasdaq-listed Super League, which will be renamed Superplanet.

Cypherpunk Technologies announced the launch of Zcash mining business after completing a US$33.33 million equity transaction and claimed to own approximately 18% of the computing power of the Zcash network.

The U.S. Commodity Futures Trading Commission is soliciting public comment on futures contracts related to AI computing power, and the Chicago Mercantile Exchange Group plans to launch related products on October 5 after receiving approval.

The appearance of liquidity and Bitcoin's "non-quantitative easing" rebound

Standard Chartered's Jeff Kendrick believes that the U.S. Treasury's plan to double the size of at least some long-term bond repurchases is "exactly what Bitcoin likes," and he sees the move as a liquidity boost even if it does not qualify as quantitative easing. Kendrick highlighted the possibility of technical confirmation, pointing out that $65,500 is a key price for Bitcoin.

It was originally reported that the U.S. Treasury's repurchase program will expand operations of 10-to 20-year and 20-to 30-year treasury bonds, with schedules from September 9 to November 4. After the news, long-term government bond yields fell, and Bitcoin rose more than 6% to nearly $69,000.

The important thing is that Kendrick's bullish view is conditional. Analysts pointed out that Bitcoin must remain above US$65,500 to maintain the interpretation of a "cyclical low". Investors following this narrative may focus less on the specific labels of government support and more on whether the liquidity drive continues with credit and yield dynamics.

Metaplanet introduces its Bitcoin vault strategy to the US

Trends at the corporate level echo macro discussions. Metaplanet announced plans to acquire a controlling stake in Nasdaq-listed Super League Enterprise as part of its strategy to expand its Bitcoin treasury into the U.S. market.

According to original reports, Metaplane will inject 2,100 bitcoins and $2.5 million in cash into Super League, and the company is expected to change its name to Superplanet. These bitcoins are said to be held in its existing fund pool rather than newly purchased, and account for less than 5% of Metaplanet's approximately 43,000 bitcoins held.

Metaplane management described this structure as creating two financing channels: Superplane in the United States and Metaplane in Japan. The report also pointed out that after the announcement, Super League's share price soared by more than 50%. For market participants, the key revelation lies in the strategic shift: from simply holding Bitcoin as a balance sheet asset to building a vehicle that can more directly access liquidity and investor demand in different jurisdictions.

According to sources, the transaction is expected to be completed in the fourth quarter, subject to shareholder approval and meet regular conditions.

Cypherpunk marches into Zcash mining, claiming a high hashrate

While traditional Bitcoin narratives rely on macro liquidity, another thread focuses on infrastructure and token-specific catalysts. Cypherpunk Technologies announced that it will enter the Zcash mining business after acquiring mining equipment from Winklevoss Capital through a $33.33 million equity transaction.

According to original reports, Cypherpunk's equipment has been launched at U.S. facilities, producing approximately 4.2 GSol/s, giving the company approximately 18% of Zcash's current network computing power. In addition to its mining business, Cypherpunk also holds 323,394 ZECs, accounting for approximately 1.9% of the circulation supply, and its goal is to have a 5% share.

The company's arguments about the economics of Zcash mining compared to Bitcoin mining or AI-related data center workloads will be critical because mining profits are sensitive to multiple variables: ZEC price, network computing power, mining difficulty and operating costs. The report also pointed to the broader context: ZEC has surged more than 1300% in the past 12 months before being followed by a correction.

Another part of the background involves Zcash's technology roadmap. Sources pointed out that the network implemented an Ironwood upgrade on July 28 to replace the Orchard pool, which had a flaw that could allow counterfeiting of ZECs. The report also stated that no exploitation was ever detected. For readers, the practical impact is that protocol changes may affect security assumptions and mining operations, even if their direct impact is not immediately apparent in daily price fluctuations.

CFTC solicits opinions on AI computing power futures, CME prepares to launch products

Regulatory concerns are not limited to encrypted native assets. The U.S. Commodity Futures Trading Commission is soliciting public comment on futures contracts related to AI computing power-an effort that could help shape how markets price and hedge the costs of computation-intensive infrastructure.

According to reports, the CFTC has sent a request for comment to the White House Office of Management and Budget. Separately, the Chicago Mercantile Exchange Group announced last week that it plans to launch two computing futures contracts on October 5 after receiving regulatory approval, with Silicon Data providing benchmark data. Sources also attributed the estimates to TD Lombard, Goldman Sachs and Bridgewater, which believe AI infrastructure spending this year will account for approximately 2% to 2.5% of U.S. GDP.

The implications for market structure are obvious: If computing power becomes tradable through regulated futures, it could provide a hedging tool for industries affected by volatile electricity prices, hardware availability, and demand cycles. It could also introduce a new pricing reference point that indirectly affects the investment decisions of AI infrastructure providers and data center operators.

However, the timeline appears to be complicated by the review steps. Sources note that Bloomberg reports that once the White House review is complete, the CFTC is expected to open a comment period that typically lasts 30 or 60 days. The process could further affect the timetable for other computing-related products being considered for regulation, including the products planned by ICE mentioned in the original report.

What to focus on next

Cryptocurrency traders and long-term asset allocators may want to focus on whether Bitcoin's momentum can remain above the technical level of $65,500 pointed out by Standard Chartered Bank-and whether more "liquidity without quantitative easing" measures will emerge. At the corporate level, while focusing on the development of Metaplane's U.S. entities after the transaction is completed and whether the economics of Zcash mining will stabilize as computing power and difficulty changes, regulators will continue to define how computing power futures should be constructed.