[Bitunix Analyst: Is Over 5% High Yield the New Normal? U.S. Treasury Buyback Policy Faces Market Repricing] BlockBeats News, October 8 – The issue with long-term U.S. interest rates is no longer just about Federal Reserve policy expectations but whether the Treasury's own debt management tools can alter market pricing. The Treasury has expanded the buyback cap for 10- to 30-year U.S. Treasuries to $6 billion, originally intended to improve the liquidity of older bonds. However, the 10-year yield has risen to 5.35%, and the 30-year yield is approaching 5.7%, even higher than before the buyback expansion in August. When policy tools increase but fail to suppress long-term rates, the market naturally reassesses: the core drivers of rising yields may still be massive supply, fiscal deficits, and investors demanding higher term premiums. This is also the crux of Senator Warren's criticism of the Treasury's "chaotic intervention." The actual buyback volume falling below the cap indicates that the Treasury is not providing unconditional support. If the Treasury uses TGA cash or short-term debt financing to fund buybacks, it merely adjusts the maturity structure and does not eliminate the government's overall financing needs. In other words, policy can improve market microstructures but may not alleviate the long-term rate pressures caused by fiscal expansion. High long-term yields are also reshaping asset comparisons. According to Bank of America's model, the S&P 500's returns over the next decade may fall below 5%, while U.S. Treasuries now offer a more attractive starting yield. Gold falling below $4,100 suggests that when the dollar and real interest rates rise simultaneously, safe-haven demand may not offset the cost of holding gold. For BTC, the daily chart remains in a high-level consolidation, currently around $83,487. There is liquidity near $87,000 above, while $82,929 serves as a key support zone. If this level is breached, the $76,000–$80,000 and $70,000–$73,000 ranges could become subsequent structural demand zones. Therefore, the real question moving forward is not how much the Treasury can buy back but whether long-term yields can stabilize on their own in a high-supply environment. If 10- and 30-year yields continue to rise, the opportunity cost for stocks, gold, and crypto assets will gradually increase. Conversely, if high yields begin to suppress economic activity and capital expenditures, bonds may regain room for price recovery. What the market is currently testing is whether U.S. fiscal policy can effectively control long-term funding costs.