U.S. Treasuries Rally Despite Bessent Buyback Intervention

Bullish Gator

Treasury yields rebound as Bessent readies buybacks beyond $4bn; equities slump, Bitcoin tops $70,000, and Monte dei Paschi proposes a ~€70bn takeover of Banco BPM and Banco Generali.

Editorial companion

What stands out

U.S. Treasury yields surged even after Treasury Secretary Scott Bessent signaled he could expand buybacks above $4 billion, a move that knocked equities lower while doing nothing to stop crypto's rally. Bitcoin clearing $70,000 and Coinbase CEO Brian Armstrong declaring another bull market matters because Coinbase is the primary onramp for retail flows, so a renewed cycle can rapidly boost trading volumes and fee revenue. The clip highlights a market bifurcation: bond-driven risk repricing on one side and a robust crypto risk-on episode on the other.