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Treasury Buys $5.2B Bonds as Bitcoin ETF Flows Stay Negative

By Markets Desk · 2026-09-12 · 1 min read
A stack of long-term government bond certificates resting on a wooden desk next to a calculator
Illustration: Tradingbird

The U.S. Treasury accepted $5.187 billion in long-dated bond buybacks on September 10. This figure marks the first operation under the expanded program. It occurred while Bitcoin spot ETFs recorded net outflows of $282.7 million.

The U.S. Treasury accepted $5.187 billion in long-dated bond buybacks on September 10. This figure marks the first operation under the expanded program. It occurred while Bitcoin spot ETFs recorded net outflows of $282.7 million.

The ten-year nominal yield rose to 4.95%. The ten-year real yield climbed to 2.55%. These increases indicate that borrowing costs remain high despite the government purchase.

Buyback mechanics and scope

Treasury offered $10.489 billion of securities against a $6 billion ceiling. It accepted 23 of 40 eligible issues. These bonds mature between February 2037 and August 2046. The department acts as a price-sensitive buyer. It retires accepted securities after settlement. This process manages debt composition rather than implementing monetary policy.

The operation targets off-the-run liquidity. These are older Treasury issues that trade less actively than benchmarks. The Federal Reserve Bank of New York notes that such bonds rely heavily on dealer intermediation. A predictable buyer can support this segment. The program remains modest relative to overall market volumes.

Yield curve and asset pressure

The ten-year nominal yield increased by 12 basis points. It moved from 4.83% to 4.95%. The ten-year real yield rose by 9 basis points. It climbed from 2.46% to 2.55%. Higher real yields raise the return hurdle for non-yielding assets. Bitcoin faces this pressure directly.

Spot Bitcoin ETFs lost $282.7 million in net flows. This data comes from Farside Investors. ETF flows signal demand through regulated funds. They do not prove one-for-one spot selling. The outflow shows no evidence of easier conditions reaching Bitcoin funds.

Market context and price levels

Bitcoin closed at $76,568 on September 10. It recovered to approximately $77,800 by press time. This price sits near the $76,000 support cluster. Real yields and ETF flows continue to exert pressure on the asset. GN auto markets/bonds: bond trading reports that the buyback shared the session with other macro forces. These events prevent a clean causal reading of the Treasury operation.

Based on reporting by CryptoSlate, compiled by the Tradingbird desk.

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