Bitcoin's Biggest Day Since March Was a Bond Market Trade — Not a Crypto One

Bitcoin posted its biggest day since March, climbing roughly 11% to near $71,800 — but the catalyst wasn't crypto news. It was a Treasury Department announcement doubling long-term bond buybacks, which pulled the 30-year yield down to 5.2% and triggered a record $1 billion short squeeze. Ethereum ran even harder, up 19%. Here's the mechanism behind the move, why Fed minutes and $94 oil complicate the story, and the single earnings report that resolves it.