Bitcoin surged about 25% since Wednesday and moved above $78,000 during Asian morning hours Saturday after the U.S. Treasury doubled its longest-dated bond buyback operations to $4 billion from $2 billion each. The announcement helped push the 30-year Treasury yield down from 5.34%, a 19-year high, to around 5.19%, giving traders a catalyst to unwind a record pile of bearish crypto positions. About $4 billion in bearish crypto positions were liquidated on Thursday and Friday as prices rose. The buyback program is intended to improve the tradability of older Treasury securities and manage the composition of government debt, rather than provide quantitative easing (central-bank money creation to loosen financial conditions). CoinEx chief analyst Jeff Ko said the program was primarily a liquidity and debt-management tool and, given its relatively small size, could be read as a signal or a "soft policy put" for long-term bonds. Falling yields can support risk assets because Treasuries compete with bitcoin, which pays no interest and relies largely on price appreciation for investor returns. Grvt co-founder and CEO Hong Yea said high risk-free yields raise the return threshold investors require before moving capital into bitcoin and other volatile assets. Separately, the source describes Anvil as a shared on-chain collateral layer (blockchain-based guarantee infrastructure) built on a programmable letter of credit, allowing reserve assets to serve as a guarantee with no loan, no interest, and continued custody and yield.