Yesterday’s 20Y Treasury auction was a mess.

High yields. Weak demand. And that’s bullish for risk assets.

Let me explain:

The U.S. government funds itself by selling bonds. But someone has to want to buy them. If demand dries up, the system starts to look shaky — and the pressure to inject fresh liquidity rises fast.

That’s exactly what happened yesterday (May 21).

The 20Y auction came in way above expected yields (5.047% vs 4.81%) and had a weak bid-to-cover ratio (2.46 vs the usual 2.5+).

Not catastrophic. But definitely a red flag.

You probably noticed what happened next:

• Dow nuked 800 points

• BTC dipped — and then ripped higher

This is the market front-running stimulus.

A failed auction is like a warning shot.

It tells us the Treasury might have to ease conditions to keep things stable.

So yeah—bad bond auctions can be good for crypto.

Watch closely. This might have been a turning point.