Bitcoin price hits $69,500 as over $400M of shorts liquidated because US doubles Treasury debt buybacks to crush long-term yields

Bitcoin rallied above $69,000 after the U.S. Treasury doubled planned buybacks of 10- to 30-year debt, easing pressure on long-term yields and improving risk sentiment across crypto markets. The move helped Bitcoin recover from an intraday low near $64,100, while Ethereum also broke above $2,000 for the first time since June. Lower yields reduced the attractiveness of Treasuries versus long-duration risk assets, supporting the rebound. The rally triggered heavy liquidations, with more than $1 billion in crypto positions wiped out in one hour and over 110,000 traders liquidated in 24 hours. The article argues the Treasury’s action improves liquidity but does not reduce the debt burden, so the macro relief may be temporary. Overall, the piece frames Bitcoin as highly sensitive to changes in real yields and broader financial conditions.