On December 3, #数字货币市场洞察 , the U.S. Treasury did something big—they directly bought back $12.5 billion worth of their own bonds. The largest buyback in history.

Would you call this money printing? Officially, it’s not called QE, but in practice... the market has already voted with its feet.

The logic is simple: the Treasury uses real cash to buy back bonds, banks end up with more cash on hand, interest rates naturally go down, and liquidity starts to flow again. If you want to dress it up, it’s called a “debt restructuring,” but in essence, the fiscal side is quietly opening the floodgates.

How did the market react? Gold shot up, Bitcoin started climbing, and U.S. Treasury yields actually fell. The money is already looking for new channels.

What’s interesting is that while the Fed is still talking about tightening, the Treasury is already loosening up. The left hand and the right hand, each doing their own thing.