Treasury Buyback Bump Fails to Spark Bitcoin Rally

The US Treasury Department recently announced that it would triple its maximum liquidity-support buybacks for longer-dated government debt from $4 billion to $6 billion per operation.

This move was seen as a repeat of a similar announcement last month, when the department doubled its buybacks from $2 billion to $4 billion. At the time, Bitcoin's price surged in response, but this time around it remained flat and even dipped slightly.

The main difference between the two announcements is that last month's move was unexpected, while this time around markets had been expecting a larger increase in buybacks. Additionally, the current macro environment is less favorable for risk assets, with oil prices surging and inflation fears on the rise.