How $739B in new US debt could absorb crypto’s liquidity before buybacks even reach Bitcoin

The planned $739 billion of new U.S. Treasury issuance to fund deficits is likely to suck up cash across markets, lifting yields and drawing capital — including stablecoin and marginal crypto liquidity — into safer, interest-bearing Treasuries. That liquidity drain could occur before corporate buyback programs deploy cash into risk assets, reducing the pool of funds available to flow into Bitcoin. Net effect for Bitcoin: weaker near-term demand, higher volatility, and potential downward price pressure as liquidity is redirected into fixed income.