The US Treasury is gearing up to flood the market with roughly $290 billion in notes and bonds during the first full week of July, with auctions scheduled from July 6 through July 9. For crypto investors, this isn’t just a wonky government finance story. It’s a gravitational pull on capital that directly competes with non-yielding assets like Bitcoin.
The auction schedule includes 3-year, 10-year, and 30-year maturities, with formal announcements set for July 2 and settlement slated for July 15. The 3-year note alone is targeted at $69 billion for this quarter, while the 10-year TIPS auction is being maintained at $21 billion.
What the auction schedule actually tells us
Recent auction demand has been a mixed bag. Some bid-to-cover ratios have dropped to multi-month lows. Yields across the curve currently range between 3.6% and 5%, depending on the maturity. The short end of the curve is hovering around 4%. The next quarterly refunding announcement is penciled in for August 5, which will provide updated guidance on the Treasury’s borrowing plans for the rest of the summer.
Why crypto investors should care about government bonds
