$HACHIとは

On August 22, after the U.S. Treasury expanded the scale of its long-term Treasury bond buyback, the yield on the 30-year Treasury bond fell from a 19-year high of 5.34% to around 5.19%. During this period, Bitcoin surged approximately 25%, briefly surpassing $79,000. About $4 billion in cryptocurrency short positions were liquidated, further amplifying the upward momentum. The U.S. Treasury previously announced an increase in the buyback operation for the longest-duration bonds from $2 billion to $4 billion per transaction. Analysts pointed out that this operation is not equivalent to the Federal Reserve's quantitative easing (QE); its main purpose is to improve the liquidity of old bonds and optimize the debt structure. However, the market perceives it as a signal of policy support for long-term Treasury yields. Analysts believe that the key to Bitcoin's surge is not the buyback itself, but rather the previous concentration of short positions in the market. As long-term Treasury yields fell, shorts were forced to cover their positions, creating a strong 'short squeeze' scenario. Meanwhile, the U.S. spot Bitcoin ETF saw a net inflow of about $650 million this week, and Trump has once again urged Congress to advance the CLARITY Act, further enhancing market risk appetite. CoinEx Chief Analyst Jeff Ko stated that the current key factor is whether Bitcoin can hold above the 200-day moving average of approximately $69,000 and turn it from resistance into support. Market participants also warned that if the 10-year Treasury yield rises above 4.7% again and the 30-year yield approaches 5.3%, Bitcoin's current breakout may face a re-test. Currently, Bitcoin has surpassed the 200-day moving average and continues to rise, with the market focusing on whether it can maintain its upward momentum in a high-yield environment.

On August 22, after the U.S. Treasury expanded the scale of long-term Treasury bond buybacks, the yield on 30-year Treasury bonds fell from a 19-year high of 5.34% to about 5.19%. During this period, Bitcoin surged approximately 25%, briefly surpassing $79,000. Approximately $4 billion in cryptocurrency short positions were liquidated, further amplifying the price increase. The U.S. Treasury previously announced that it would increase the buyback operation scale for the longest-duration bonds from $2 billion to $4 billion per operation. Analysts pointed out that this operation is not equivalent to the Federal Reserve's quantitative easing (QE); its main purpose is to improve the liquidity of older bonds and optimize the debt structure. However, the market interpreted it as a policy support signal for long-term Treasury yields. Analysts believe that the key to Bitcoin's surge is not the buyback itself, but rather the previously concentrated short positions in the market. After the long-term Treasury yields fell, shorts were forced to cover their positions, creating a strong 'short squeeze' scenario. Meanwhile, the U.S. spot Bitcoin ETF saw a net inflow of about $650 million this week, and Trump has again urged Congress to advance the CLARITY Act, further enhancing market risk appetite. CoinEx chief analyst Jeff Ko stated that the current key factor is whether Bitcoin can hold above the 200-day moving average of about $69,000 and convert it from resistance to support. Market participants also warned that if the 10-year Treasury yield rises above 4.7% again and the 30-year yield approaches 5.3%, Bitcoin's current breakout may face re-evaluation. Currently, Bitcoin has surpassed the 200-day moving average and continues to rise, with the next phase of the market focusing on whether it can maintain its upward momentum in a high-yield environment.