Bitcoin Surges Past $67K as Treasury Doubles Bond Buyback Operations

Bitcoin's price surged past $67,000 after the U.S. Treasury announced it would at least double its long-end bond buyback operations to a maximum of $4 billion per operation.

The move aims to push treasury yields lower and boost risk assets, with the 30-year yield retreating on Wednesday from its highest level in roughly 25 years.

According to VanEck's Bitcoin capitulation dashboard, eight out of 12 indicators are flashing, suggesting a late-stage drawdown. The firm predicts the next accumulation phase could begin as early as September based on historical cycle averages.

The current drawdown from Bitcoin's October all-time high is in its 10th month and has reached around 49%, well within past peak-to-trough declines of 78% to 94%.