On October 27, the U.S. Treasury executed a liquidity support repurchase operation, purchasing the full $6 billion cap of long-term Treasuries (20- to 30-year bonds maturing between 2046 and 2056). This was a routine move following the August increase in the repurchase cap to $6 billion by U.S. Treasury Secretary Scott Bessent. In simple terms: the Treasury is using new money to buy old debt—issuing short-term bonds to purchase long-term ones. By spending money to repurchase these long-term bonds from institutions, the Treasury directly injected $6 billion in cash into the financial system. Theoretically, this newly released cash will seek returns, potentially benefiting risk assets. The air is once again filled with cheerful vibes around CX $BTC.