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BTC Bitcoin (BTC) rose to its highest level since June after the opening of Wall Street, as markets respond to U.S. liquidity moves
Highlights:
Bitcoin rose 6% on the day to hit $69749, the highest level since June 2.
The U.S. Treasury plans to double the maximum size of debt repurchase operations to at least $4 billion, which could drive an overall rise in risky assets.
Bitfinex pointed out that insufficient liquidity in exchange stablecoins means that there is still limited upside in BTC prices. Since May, stablecoin liquidity has dropped by US$14 billion.
Bitcoin soared as U.S. Treasury yields fell driven by the repurchase program
TradingView data showed that BTC/USD exceeded US$69700 on Bitstamp, a gain of 6% on the day.
U.S. stocks opened higher after the U.S. Treasury Department announced that it will at least double the scale of government debt repurchases starting from September 9, increasing from US$2 billion per operation to a minimum of US$4 billion. The yield on the 30-year U.S. Treasury bond hit its highest level in nearly 20 years on Tuesday and fell immediately after the news was announced. It was 5.19% as of press time, down 9 basis points.
The official press release said: "The increase in the size of this repurchase operation reflects the Treasury's desire to provide greater liquidity support in areas of long-term nominal bonds, which have continued strong support from market participants, as evidenced by the large number of high-quality offers that the Treasury often receives in long-term repurchase operations."
Increasing debt buybacks means that the U.S. government will inject liquidity into the long-term bond market as a buyer. Previously, analysts pointed to the increase in corporate debt, especially in the artificial intelligence field, as one of the drivers behind the surge in yields. "This is not a debt repayment, it's just a rearrangement of the maturity structure of government bonds," Peter Bukwa, chief investment officer at One Point BFG Wealth Partners, said in a CNBC report.
The announcement comes as the size of U.S. Treasury bonds approaches the symbolic threshold of US$40 trillion. On Tuesday, trading resource platform The Kobeissi Letter noted that interest payments on debt have reached $1.4 trillion in the past 12 months alone, a tripling since 2020. The agency quoted Bank of America data on platform X to forecast: "If interest rates remain stable, interest payments will rise to $1.7 trillion by November 2028."
Stability coin liquidity constrains Bitcoin's rebound: Bitfinex
Cryptocurrency exchange Bitfinex pointed out Bitcoin's own liquidity problems when discussing the relationship between the current strength of Bitcoin prices and the S & P 500 Index, which hit a record high last week. The exchange said its supply of stablecoins has dropped by $14 billion since May.
The agency said on platform X: "There is a lack of financial support for the rebound until the supply of stablecoins resumes." The liquidity of stablecoins is like "dry gunpowder", waiting to be deployed to crypto assets off-the-counter. Its lack reflects that investors believe that major opportunities are not yet approaching.
On-chain analytics platform CryptoQuant's stablecoin supply ratio (SSR) indicator measures the ratio of bitcoin market value to the total stablecoin market value, particularly reflecting tightening liquidity conditions over the past six weeks. A higher SSR means that stablecoin liquidity is leaving the exchange. Since June 30, SSR has risen from 9.82 to 11.69. The highest SSR reading in 2024 (originally 2026, suspected clerical error, changed to 2024 according to context) occurred on January 14 at 12.83.
