Durability lever
How Treasury long-end buybacks transmit into a crypto risk-on bid, and where that transmission holds or breaks 20-yr high (2007) 5Y 10Y 20Y 30Y Treasury yield curve · long end 1 Long-end yields surge 30Y ~5% · highest since 2007 cap 3 30Y falls ~10bps long bonds rally 2 U.S. Treasury buyback pump $2B → ≥$4B / op 10–30Y support 4 financial conditions ease · liquidity in 5 BTC > $65K risk-on bid ETH +6% XRP +6% same session risk-on 6 · the durability decision A · relief trade holds sustained yield suppression inflation cool · Fed on hold B · framing breaks 30Y re-spikes anyway other catalysts credited