Dan Morehead Says Treasury Buyback Plan Backfired, Links It To Bitcoin Rally

Pantera Capital founder Dan Morehead said the U.S. Treasury’s expanded bond buyback plan was a bluff that backfired and tied Bitcoin’s 26% August rally to the move. According to BeInCrypto, he said investors quickly saw through Treasury Secretary Scott Bessent’s decision to double buybacks on August 19, arguing the $4 billion cap was tiny versus the $2 trillion in bonds the Treasury must sell each year. Morehead also said Bitcoin’s macro setup remains bullish and expects another upswing near the end of this year.