Bitwise’s Gordon Grant links Bitcoin’s rise toward $80,000 to expanded U.S. long-end Treasury buybacks

Gordon Grant, head of derivatives at Bitwise, said Bitcoin’s rebound toward $80,000 is tied to developments in the U.S. bond market, arguing that Treasury’s long-end debt buyback expansion worked partly as a signal and that volatility in long-dated Treasurys is also pushing Bitcoin higher ^[1].

Grant cited a strained bond market backdrop: the 30-year Treasury yield had climbed to a 19-year high above 5.3% before the Treasury said on Aug. 19 it would double its long-end buybacks to at least $4 billion per operation beginning Sept. 9 ^[1].

In a separate commentary, Arthur Hayes said expanded long-dated Treasury buybacks are effectively creating more dollar liquidity that should benefit Bitcoin first, and he outlined scenarios ranging from a de facto yield-curve-control setup if the 10-year yield breaches 5% to a more likely path involving steadily larger buybacks and deployment of roughly $1 trillion held in the Treasury General Account ^[2].

Crypto news outlets also reported Hayes’s view that a Bitcoin bull market was underway, attributing it to the Treasury’s expanded long-dated bond buyback operations, including the increase in limits from $2 billion to a minimum of $4 billion per operation effective Sept. 9 ^{[3] [4]}.

One outlet further tied the timing to market moves and inflows, reporting that Bitcoin moved from under $65,000 to over $80,000 in the days after Treasury Secretary Scott Bessent’s Aug. 19 announcement, and that U.S. spot Bitcoin ETFs saw $517 million in net inflows on Aug. 19 ^[4].