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2020 was the last time liquidity dynamics looked this unusual. QE crushed yields and pushed capital away from sovereign debt into assets offering higher returns. Gold surged. BTC followed. Now in 2026, the Treasury is pursuing roughly $950B in debt buybacks. The mechanism is different, but the potential impact is similar: less duration supply and more pressure for capital to move further out the risk curve. Markets are already starting to price it in. #BTC80KHoldOrFold #IranSanctionsAndTalks