Treasury buys $5.2 billion of bonds as Bitcoin ETF flows stay negative

The U.S. Treasury bought $5.187 billion of long-dated government bonds on Sept. 10, completing the first operation under its expanded program as Bitcoin investors watched for evidence of easier liquidity.The immediate cross-market readout moved the other way. Treasury’s daily nominal yield curve showed the 10-year yield rising 12 basis points from 4.83% to 4.95%. Its real yield curve, which adjusts the return for expected inflation, showed the 10-year real yield climbing 9 basis points from 2.46% to 2.55%.Higher real yields raise the return hurdle for a non-yielding asset such as Bitcoin. At the same time, U.S. spot Bitcoin ETFs posted another net outflow of roughly $282 million. The combination separates two mechanisms: Treasury improved a trading outlet for selected older bonds, while the broader cost of money and regulated-fund demand remained unfavorable.The buyback targeted off-the-run liquidityTreasury’s official result showed $10.489 billion of securities offered against a $6 billion maximum. It accepted 23 of 40 eligible issues maturing from February 2037 through August 2046.The $6 billion figure was a ceiling. Treasury describes itself as a price-sensitive buyer in its buy...