Crypto Holds Firm as Treasury Duration Pivot Reshapes the Liquidity Outlook

August ended on a constructive note for digital assets despite headwinds across traditional risk markets. Crude oil bounced, long-end yields climbed, and equities struggled — yet the crypto complex held its ground. That divergence matters because it suggests the market is beginning to look through near-term monetary policy noise toward a broader shift in the liquidity regime driven by the Treasury’s increasingly active approach to duration management.