According to @KobeissiLetter, a recent U.S. 10-year Treasury note auction showed unexpectedly strong demand, challenging the narrative that investors are abandoning government debt for safe-haven assets like Bitcoin (BTC) and gold. The auction for $39 billion in notes was oversubscribed by more than 2.5 times, as cited by Exante Data, with a primary dealer takedown of just 9%, indicating robust direct investor interest. This occurs despite worsening U.S. fiscal health, with national debt over $36 trillion, leading some analysts to position BTC as a hedge against a potential fiscal crisis. For traders, an upcoming 30-year bond sale will be a key indicator of continued confidence in U.S. debt, which could impact capital flows into the cryptocurrency market.