Bitcoin 'Shaken' by Disappointing US Treasury Buyback

Kim Dong-hwan emphasized its importance, stating, "In fact, the U.S. Treasury bond buyback seems more important." The market is sensitive to the impact of the buyback size on long-term bond yields, which directly affects investment sentiment for risk assets like Bitcoin.

Kim Dong-hwan conveyed the market's disappointment, saying, "The U.S. Treasury announced a buyback size of $6 billion, and people thought it was too small." This low buyback volume put upward pressure on bond yields, negatively affecting the broader market.

The 10-year Treasury auction held at 2 AM KST was awarded at a yield lower than the immediate market rate, confirming sufficient demand. Park Hyun-young explained, "The fact that it was awarded at a yield lower than the immediate market rate means there is demand from people who want to buy it." Nevertheless, due to selling pressure stemming from disappointment over the Treasury's earlier buyback announcement, Treasury yields ultimately closed higher.

Park Hyun-young reported on the current situation, stating, "When news of the international buyback came out, it gave back $78,000, and now it has recovered $78,000." Currently, it has recovered the $78,000 level but is struggling to break through the $80,000 resistance.

Park Hyun-young described the high level of market interest, saying, "Exactly at midnight, there's a page where they upload the buyback size as a PDF. I was refreshing it constantly from 59 minutes past the hour."

Park Hyun-young said, "This is the maximum anyway. So they can buy up to $6 billion, which means they could actually write down $50 billion." While the actual purchase amount may be decided later, the announced size significantly impacts market sentiment.

Kim Dong-hwan reported, "Upbit had an incident where it canceled a listing just before trading began. And apparently, this is the first time this has happened since Upbit's launch." After the listing announcement at 7:25 PM KST on September 8th, the cancellation decision was announced at 9:12 PM, just before the trading start time of 9:30 PM.

Park Hyun-young explained the background, stating, "There's a mechanism to allocate initial quantities to early contributors, and an incident occurred in that contract, which seems to have gone unnoticed during the review process." The hacking issue, not identified during the listing review, was confirmed through reports, leading to the listing's cancellation.

Kim Dong-hwan commented, "If it had been delisted after listing, it would have caused much greater damage, so it's a blessing in disguise, to this extent." This pre-emptive measure prevented potential harm to investors.

Park Hyun-young cautioned, "It's not that pre-purchase is forbidden, and I've slightly changed my wording, but it seems correct to say that approval does not guarantee safety." Information asymmetry due to listing time differences between exchanges is also a risk factor to consider when investing, citing the example of Bithumb's designation of a warning asset and Upbit's response time lag.

Kim Dong-hwan countered, "How can I recommend a coin to hold for 5 years when you don't know when this contract will be hacked?" He emphasized that investors should closely follow news to prepare for potential risks.