{"id":31762,"date":"2026-08-21T17:14:09","date_gmt":"2026-08-21T16:14:09","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/08\/21\/us-treasury-not-qe-bitcoin-rally-metaplanet-zcash\/"},"modified":"2026-08-21T17:14:14","modified_gmt":"2026-08-21T16:14:14","slug":"us-treasury-not-qe-bitcoin-rally-metaplanet-zcash","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/us-treasury-not-qe-bitcoin-rally-metaplanet-zcash\/","title":{"rendered":"The US Treasury’s ‘Not-QE’ Is Sending Bitcoin Higher \u2014 Here’s What Markets Are Pricing In"},"content":{"rendered":"\n

The US Treasury<\/strong> has quietly reactivated a bond buyback mechanism that bears a striking resemblance to quantitative easing<\/strong> \u2014 without officially carrying that label. Crypto markets responded immediately.<\/p>\n\n\n\n

Meanwhile, Metaplanet<\/strong> is crossing the Atlantic and planting its flag in the United States, while Cypherpunk Holdings<\/strong> commits $33 million<\/strong> to Zcash<\/strong> mining. Three powerful signals that define a pivotal week for the industry.<\/p>\n\n\n\n

Here is a breakdown of a macro dynamic that could reshape market sentiment in the near term.<\/p>\n\n\n\n

Treasury Bond Buybacks: Why Crypto Traders Are Calling It ‘Not-QE’<\/h2>\n\n\n\n

The US Treasury<\/strong> has relaunched its sovereign bond buyback program<\/strong>, a technical operation that involves repurchasing older, illiquid Treasury securities and replacing them with more recent issuances. In practice, the mechanism injects liquidity<\/strong> into the financial system without going through the Fed<\/strong> \u2014 hence the nickname ‘Not-QE’<\/em> that institutional traders have given it.<\/p>\n\n\n\n

For Bitcoin<\/a>, the effect is direct: any liquidity injection perceived as expansionary tends to fuel appetite for risk assets<\/strong>. BTC<\/strong> moved higher in the wake of these announcements, confirming its growing sensitivity to macro decisions coming out of Washington. On-chain data shows a pickup in inflows into spot Bitcoin ETFs<\/strong>, a sign that institutional players are repositioning capital in anticipation of a more accommodative monetary environment.<\/p>\n\n\n\n

This mechanism is reminiscent of the 2019 and 2020 episodes, when similar operations by the Fed<\/strong> preceded significant rallies across asset markets. The key difference today: Bitcoin<\/strong> now has a far more mature institutional infrastructure to absorb these flows.<\/p>\n\n\n\n

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Metaplanet Expands to the US: The Japanese MicroStrategy Playbook Goes Global<\/h2>\n\n\n\n

Metaplanet<\/strong>, the Japanese publicly listed company known for its strategy of aggressive Bitcoin accumulation<\/strong>, has announced its expansion into the United States. The move is strategic: by establishing a presence in the American market, Metaplanet<\/strong> is looking to access a broader institutional investor base and benefit from deeper market liquidity than what the Tokyo exchange can offer.<\/p>\n\n\n\n

The firm has clearly modeled itself on MicroStrategy (now Strategy)<\/a>: using the corporate balance sheet as a vehicle for BTC<\/strong> exposure, financing purchases through bond issuances<\/strong> and capital raises<\/strong>. With a US presence, Metaplanet<\/strong> could also explore a listing on an American exchange, which would significantly amplify its visibility among investment funds.<\/p>\n\n\n\n

This kind of expansion reflects a broader underlying trend: publicly listed companies outside the United States are looking to replicate the Bitcoin treasury playbook<\/a> in their home markets, then internationalize their model to capture American institutional flows.<\/p>\n\n\n\n

Cypherpunk Holdings Bets $33M on Zcash Mining: A Conviction Play on Privacy<\/h2>\n\n\n\n

Cypherpunk Holdings<\/strong> has announced a $33 million<\/strong> investment into the mining of Zcash (ZEC)<\/a>, the cryptocurrency built around transaction privacy<\/strong>. The bet comes at a time when privacy assets<\/strong> have been under sustained regulatory pressure for several years, particularly following the US sanctions against Tornado Cash<\/strong> in 2022.<\/p>\n\n\n\n

The choice of Zcash<\/strong> is deliberate: unlike Monero<\/a>, ZEC<\/strong> offers transparent transactions by default with an opt-in privacy feature known as shielded transactions, giving it a slightly more acceptable regulatory profile. Cypherpunk<\/strong> appears to be betting on a renewed interest in on-chain privacy amid an environment of increasing financial surveillance.<\/p>\n\n\n\n

On the mining side, Zcash<\/strong> uses the Equihash<\/strong> algorithm, which was ASIC-resistant in its early iterations, though specialized ASIC hardware does exist today. An investment of this scale into ZEC<\/strong> mining signals either strong conviction in the token’s future valuation \u2014 or a deliberate diversification strategy away from mainstream assets like BTC<\/strong> and ETH<\/strong>.<\/p>\n\n\n\n

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