(Continued) Morning $Bitcoin Check ✅ It’s a bit oversimplified to attribute this rally solely to “U.S. Treasury buybacks = positive for BTC.” The key trend to follow right now appears to unfold in this sequence: ① Treasury buybacks ↓ ② 10-year and 30-year yields ↓ ③ Real interest rates ↓ ④ Dollar liquidity and financial conditions ↓ ⑤ Risk assets (Bitcoin, equities) If we observe the following developments going forward: • Expansion of Treasury buybacks • Expectations of rate cuts • Declining real interest rates • Increased ETF inflows —then this rally may not merely be a rebound, but rather a sign that the broader macro environment has shifted into a tailwind. Conversely, if inflation expectations accelerate again and long-term yields rise, this scenario could unravel. Therefore, in future analysis, we should avoid treating Treasury buybacks merely as “liquidity provision.” Instead, we must closely monitor how long-term yields and real interest rates are actually responding. bitcoin:native #Bitcoin #MarketOutlook