Bitcoin may ignore Wall Street's $125 billion Treasury auctions and rising yields

Treasury auctions totaling 125 billion dollars will occur from Aug. 11 to Aug. 13, coinciding with two inflation reports before the 10-year and 30-year sales. The auctions include 58 billion dollars of 3-year notes on Aug. 11, 42 billion dollars of 10-year notes on Aug. 12, and 25 billion dollars of 30-year bonds on Aug. 13, settling on Aug. 17. Approximately 96.3 billion dollars will refinance maturing debt, leaving 28.7 billion dollars as new cash. The July CPI report will be released at 8:30 a.m. EDT on Aug. 12, followed by the July PPI report on Aug. 13. The Treasury's par-yield curve as of Aug. 7 showed yields at 4.25% for 3-year, 4.65% for 10-year, and 5.19% for 30-year notes. Bitcoin was priced at 64928.71 dollars on Aug. 9. Historical data indicates Bitcoin's response to macroeconomic events is often disconnected, suggesting the Treasury auctions may not automatically signal a sell-off for Bitcoin.

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