Bitcoin Faces Macro Headwinds as Soft Treasury Demand Heightens Focus on Upcoming Bond Sale

Bitcoin and broader risk assets face potential liquidity headwinds following signs of softening demand for U.S. government debt, with attention turning to an upcoming $25 billion 30-year bond auction. The scheduled sale forms part of a $125 billion quarterly refunding package settling November 16. It follows the U.S. Treasury's $42 billion 10-year note auction, which priced at a high yield of 5.02% and tailed by 1.0 basis point. The 10-year sale saw its bid-to-cover ratio drop to 2.46X, while indirect bidder participation fell to 61.2%, signaling subdued demand that could lift sovereign yields and constrain speculative risk appetite.