最新报道：Welcome to the US Crypto Morning Briefing—your essential compendium of the day's most important developments in the cryptocurrency space. Enjoy a cup of coffee while the market debates whether the new liquidity signals relief or deeper pressures are quietly building beneath the surface. Today's Crypto News: US Treasury's Record Buyback Highlights Liquidity Pressures as Markets Await Powell. The US Treasury has conducted one of the largest debt buybacks in history, repurchasing $4 billion worth of government bonds. Analysts say the move has injected new liquidity into the financial system. Analyst Kyle Doops highlighted the scale of the Treasury's move, noting that the $4 billion buyback is among the largest in history. Trader Crypto Rover echoed this sentiment, viewing the operation as a rare move that highlights the government's willingness to increase liquidity during a sensitive market period. However, the size of the sell bids reveals a more troubling dynamic. According to Quinten François, investors lined up to sell $29 billion in debt to the Treasury. Notably, this far exceeds the amount the government is willing to repurchase. The analyst added that this demand imbalance indicates systemic funding pressures. He believes the Fed will eventually be forced to take more aggressive measures to inject funds into the market. While the Treasury's repurchases may have bought time, they also exposed cracks in bond market liquidity. Investors are weighing whether this injection marks the beginning of broader easing or merely a temporary fix before deeper market pressures force the Fed's hand. Wednesday's repurchase announcement came as markets prepared for Fed Chair Jerome Powell's speech at the Jackson Hole Economic Symposium on Friday. Investors hoped Powell would clarify the interest rate path during the meeting. Yields edged higher ahead of Powell's Jackson Hole speech. Despite the injections, U.S. Treasury yields edged higher Thursday morning. The benchmark 10-year Treasury yield rose slightly to 4.308%, while the 2-year Treasury yield rose to 3.76%. Yields and prices move inversely, meaning higher yields reflect lower demand for bonds. This mismatch suggests that repurchases may be failing to absorb the supply in the market. All eyes now turn to Jackson Hole, where Powell is expected to signal whether the Fed remains committed to maintaining high interest rates or if it is ready to cut them later this year. According to the CME’s FedWatch tool, traders are pricing in a nearly 80% chance of a rate cut at the September meeting. However, the latest FOMC minutes showed a split among Fed officials. While the committee opted to keep interest rates unchanged, Governors Christopher Waller and Michelle Bowman dissented. This was the first dual dissent since 1993. Their stance reflects concerns that inflation could reaccelerate, especially if Trump’s tariffs and supply chain costs are passed on to consumers. Daily Chart Byte Size Alpha Here’s a rundown of more US cryptocurrency news to watch today: Crypto Stocks Pre-Market Overview