Bitcoin faces a $25B Treasury test after demand for US debt weakens

Treasury's Nov. 10 sale of $42 billion in 10-year notes drew weaker bid coverage and indirect participation than October's auction, despite clearing at a lower yield. That leaves Bitcoin investors watching whether today's long-bond sale makes financing more expensive. Treasury has scheduled a $25 billion sale of 30-year bonds for Nov. 12 at 1 p.m. Eastern. Its result will offer another reading on demand for long-term government debt. The November 10-year auction cleared at a high yield of 5.02%, down from 5.3% at October's reopening. But its bid-to-cover ratio fell to 2.46 from 2.77, indicating less bidding relative to the amount awarded. The yield measures the return accepted by buyers; coverage describes the volume of bidding. Indirect bidders received about 61.2% of November's competitive awards, compared with 80.3% in October.

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