30-Year Treasury Yields Hit 19-Year High

U.S. 30-year Treasury yields surged to an intraday high of approximately 5.337%, their highest level since 2007, creating a challenging macro backdrop for risk assets . However, Bitcoin demonstrated relative strength by holding above $79,000 despite rising yields and elevated oil prices around $91 per barrel. The Treasury's plan to double long-term bond buybacks from a maximum of $2 billion to at least $4 billion per operation knocked yields lower, creating the most favorable macro backdrop for crypto in months . This dynamic, referred to as the "debasement trade," suggests concerns about the U.S. fiscal deficit are supporting alternative stores of value like Bitcoin and gold.