Bitcoin rises above $71,000 as Treasury buyback talk lifts sentiment
Bitcoin climbed to $71,800 after Raoul Pal called the Treasury’s decision to double long-end bond buybacks a historic turning point, while U.S. spot Bitcoin ETFs took in $517.19 million Wednesday.
Bitcoin (CRYPTO: BTC) on Thursday climbed another 4% to $71,800 as macro investor Raoul Pal called Wednesday’s Treasury move a historic turning point.
What Raoul Pal Calls the ‘Bessent Put’ Pal posted on X that the Treasury’s decision to double long-end bond buybacks came the day after the 30-year yield hit a 19-year high at 5.33%, and the timing was the whole point.
For the first time, the fiscal authority stepped in to defend the long end of the bond market within 24 hours of a major yield spike, without waiting for the Fed to act. “The extra dollars are small.
The signal is enormous,” Pal wrote.
He argued that buybacks pull old, hard-to-sell bonds off bank balance sheets and replace them with short-term bills that the banking system can easily absorb.
That swap reduces long-term yield volatility, which in turn raises the value of every Treasury sitting as collateral in the financial system.
The result is a liquidity easing that happens without the Fed printing a single dollar.
Pal connected the move to the joint US-Japan yen intervention earlier this month and new dollar swap lines across Asia, arguing all three actions point to the same goal: Keep long-term yields from spiraling higher Bring the dollar lower Pull Japan and eventually China back as buyers of US Treasuries What Did Bitcoin ETFs Do Wednesday? According to SoSoValue data, U.S; spot Bitcoin ETFs pulled in $517.19 million Wednesday, the largest single-day inflow since May 4.
BlackRock’s IBIT (NASDAQ: IBIT ) led with $284.7 million, followed by ARK & 21Shares’ ARKB (BATS: ARKB ) at $77.7 million and Fidelity’s FBTC (BATS: FBTC ) at $62.4 million.
Weekly inflows crossed $1 billion with two sessions still remaining, the first time that has happened since the week ending January 16, 2026.
Meanwhile, the crypto fear and greed index flipped from fear to greed overnight, one of the fastest sentiment reversals of the year.
Bitcoin Price Prediction: Technical Analysis BTC price holds near $72,000 Thursday, clearing the 200-day EMA at $71,502 for the first time since the May top.
Bitcoin has not sustained above the 200-day EMA since November 2025, making this the first real opportunity to flip into a full bull structure.
Key levels for BTC: $71,502 — 200-day EMA, must hold as new support $67,500 — triangle breakout zone, secondary support below Image: Shutterstock