BTC Crosses $65K as Lower Treasury Yields Fuel Market Momentum

The U.S. Treasury, led by Secretary Scott Bessent, is increasing its long-term bond buyback program to at least twice its previous size, putting downward pressure on government bond yields.

Google Gains Rights to Purchase $12.2B in Marvell Shares

Marvell Technology has expanded its partnership with Google, granting the technology giant warrants to purchase as much as $12.2 billion of Marvell stock.

The companies plan to work together on AI accelerators, storage, networking and memory chips. Marvell shares surged 13% following the announcement.

Treasury Buyback Expansion Sends Yields Lower

The Treasury’s decision to enlarge its purchases of long-dated bonds has challenged traders positioned for further increases in long-term yields.

The department said each buyback operation involving longer-maturity Treasurys would be at least $4 billion, effectively doubling the previous amount.

Bond yields reacted quickly. The 30-year Treasury yield dropped about eight basis points to 5.20%, while the 10-year yield also declined by roughly the same amount.

The dollar weakened at the same time, falling 0.5% or more against most major currencies.

Bitcoin gained around 1.2% over the past 24 hours, briefly reaching $64,900. Nasdaq 100 futures also moved higher, advancing about 0.55% after trading close to flat.

Bond Veteran Says Higher Yields Are Within Historical Norms

Ed Bradford, a veteran bond-market participant, argued that the recent increase in long-term government yields should not necessarily be viewed as an abnormal development.

Bradford said the historical spread between long-term Treasury yields and overnight rates has generally been wider than current levels. Although markets have shifted significantly from the quantitative-easing and zero-interest-rate era, he said the current environment resembles older market conditions.

The spread between the 30-year Treasury yield and the federal funds rate is approximately 163 basis points, versus a 40-year average of 178 basis points. The difference has climbed toward 500 basis points three times during that period.

Nebius Targets $4.5B From Convertible Notes

AI infrastructure company Nebius is planning a $4.5 billion convertible senior note offering with maturities in 2030 and 2034. The company could potentially increase the sale by another $675 million.

Funds raised will support data-center construction, GPU purchases and the company’s broader expansion plans.

Nebius stock fell roughly 7% in premarket trading.

Bitget Says Oil Is Limiting Bitcoin’s Reaction to Fed Expectations

Bitcoin’s relatively muted gains despite a more dovish outlook for the Federal Reserve reflect the influence of elevated oil prices and geopolitical tensions, according to Bitget Research chief analyst Ryan Lee.

Lower interest-rate expectations would usually provide support for risk assets. But Brent crude near $90 and unresolved U.S.-Iran tensions are weakening that effect.

Lee said the more important factor is whether crude prices stay high for an extended period. Persistent oil strength could eventually push inflation expectations higher.

For now, the five-year breakeven inflation rate remains around 2.24%.

Bitcoin could benefit more if oil retreats while Treasury yields and the dollar continue to soften. However, continued strength in crude and rising inflation expectations could keep bitcoin and ether under pressure even with a more supportive Fed outlook.

Oil Gains as 30-Year Treasury Yield Pulls Back

WTI and Brent crude prices rose more than 0.5% Wednesday, reaching about $85 and $92 per barrel.

The 30-year U.S. Treasury yield, meanwhile, eased slightly from its multidecade peak of 5.338%.

Long-term yields in Germany and France continued to rise, leaving European bond markets under pressure.

Most of Strategy’s Largest Institutional Holders Increase Stakes

Strategy reported that 12 of its 15 largest institutional shareholders increased their holdings during the second quarter. Combined positions rose by about $1.2 billion.

Strategy shares fell more than 5% Tuesday despite Bitcoin gaining and are down approximately 75% over the past year.

SK Hynix Unveils $29B Share Buyback

SK Hynix announced a 40 trillion won ($29 billion) stock repurchase plan and raised its shareholder-return target to more than 50% of free cash flow, Bloomberg reported, citing a regulatory filing.

The memory-chip manufacturer is attempting to strengthen investor confidence as concerns increase that the rapid growth in AI hardware spending could be slowing.

SK Hynix shares dropped another 10% Wednesday and remain roughly 50% below their all-time high. South Korea’s Kospi index fell 5.8%.