Foreigners sell $29 billion in U.S. Treasuries, pressuring bitcoin
- —Private foreign investors bought $45 billion in bills and sold $29.1 billion in notes and bonds
- —Official institutions sold $6.3 billion in bills and bought $25.5 billion in notes and bonds
- —The 10-year Treasury yield rose from 4.48% to 4.75% in July
- —Net foreign purchases of long-term securities were minus $27.9 billion
Why it matters: High long-term yields raise the opportunity cost of holding bitcoin and limit capital inflows into risk assets.
Source: CryptoSlate