Bessent's $4 billion bond buyback wanted lower yields. It got a bitcoin surge instead.

Bessent’s $4 billion bond buyback was intended to push yields lower, but markets instead triggered a sharp bitcoin rally as investors shifted into risk assets. The move lowered the opportunity cost of holding non-yielding assets and increased liquidity, which helped fuel demand for bitcoin. The incident highlights bitcoin’s growing sensitivity to fixed-income operations and suggests that bond-market interventions and yield movements are now material macro drivers of crypto flows.