Hedge funds built a $1.2 trillion Treasury trade on money they have to keep borrowing
Companies can own a mountain of US government debt without betting that bond prices will rise. Hedge funds buy Treasury securities and sell futures against them to collect a small pricing gap, borrowing most of the purchase money to make the return…
Six US banks have failed in 2026 but the numbers look nothing like 2023
Six US banks have failed in 2026 so far, which is one more than in 2023 and enough to make another banking-crisis headline practically write itself. But before we start reliving Silicon Valley Bank, it’s worth looking at what those six banks…
Bitcoin’s $85,000 sell wall is gone and traders are now betting on $100,000
Bitcoin’s rally is approaching a $90,000 test as a rare accumulation pattern reappears and sell-side liquidity thins. On Oct. 2, Bitcoin registered an intraday high at $87,000 after buyers broke through a sell wall around $85,000 that had stalled several…
US factory costs spike, threatening Bitcoin’s rally above $85,000
US manufacturers reported more widespread input-price increases in September, raising a potential financing risk for Bitcoin if investors respond by expecting higher interest rates ahead of Friday’s jobs report. The Institute for Supply Management’s Oct.…
Bitcoin drops to $82,000 on US data, and inflation fear is blamed
US job openings cooled modestly in August, but September households grew more worried about inflation and interest rates. That split left Bitcoin investors with only part of the case for easier financial conditions after Sept. 29 releases. Bitcoin…
A $202 billion US Treasury settlement hits September 30, and it could trigger a surprise move in Bitcoin
A $202 billion U.S. Treasury coupon settlement on Sept. 30 will test overnight financing at quarter-end. The Federal Home Loan Bank of New York says the market is calm for now but warns that net new supply could lift repo borrowing rates. Whether that…
Washington has $114 billion reasons to want Tether around
Not that long ago, Washington fined Tether for misleading people about the dollars behind its tokens. Today, the company’s insatiable appetite for American debt is the main argument for sending those tokens further around the world. The distance…
Bitcoin survives a 5.2% Treasury shock as traders slash $1.7 billion in leverage
Bitcoin is holding near $84,000 even as a historic US bond selloff pushes Treasury yields to decades-high levels. The benchmark 10-year Treasury yield climbed to 5.22%, extending a move that has taken borrowing costs to their highest level since 2007.…
Bitcoin slips below $85,000 as 5% Treasury yield returns to haunt risk assets
Bitcoin fell below $85,000 on Sept. 23 after stronger-than-expected US business activity sent Treasury yields higher and flushed leveraged longs. The reversal broke the momentum behind a rebound that had accelerated as Bitcoin pushed through a large…
Bitcoin faces an eight-year rates test as the BOE unwinds £368 billion
The Bank of England has committed to remove £368 billion of gilts held for monetary-policy purposes by September 2034, even as the first market response pointed toward easier conditions in long-dated UK debt. The figure covers the portfolio left after…