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The Treasury auctioned $171 billion of short-dated paper on the 8th, splitting $92 billion into 3-month bills at roughly 3.8% and $79 billion into 6-month bills at 3.885%, leaving only an 8.5bp term spread. That near-flat bill curve signals investors see little rate relief over the next two quarters, keeping dollar funding costs and the discount rate on long-duration risk assets, including BTC and ETH beta, largely unchanged. Bill yields have ranged 3.7-4.0% from August into September, so a decisive break below 3.7% would be the first sign of cut repricing that eases pressure on crypto and NASDAQ multiples, while sustained heavy bill supply is a competing drain on liquidity.
As a Macro signal, watch whether it changes price action, volatility, or flows around BTC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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