Government Bond Intervention Deepens as Corporate Cash Reserves Grow

The macro backdrop for crypto continues to improve on two fronts: policymakers are escalating their willingness to manage long-end yields through direct intervention, while the largest corporate Bitcoin buyer has quietly built a substantial discretionary cash reserve that could act as a countercyclical backstop. Meanwhile, spot demand follow-through from last week’s rally is increasingly broad-based and structurally healthier than any prior bounce this year.