When the U.S. Department of the Treasury conducts regular buybacks of off-the-run, illiquid long-term sovereign debt, it acts as a direct liquidity release valve for primary dealers and major banks. Unlike Federal Reserve quantitative tightening (which shrinks balance sheets), Treasury buyback operations reduce duration risk and free up institutional balance sheet space, directly lowering yields on collateral and increasing cash reserves that seek high-beta store-of-value instruments like spot Bitcoin ETFs.