The U.S. is quietly rolling over $550 billion every week just to avoid a failed Treasury auction.

Read that again. Every. Week.

Luke Gromen calls it a snake eating its own tail and he’s right. This isn’t normal system behavior. This is survival mode.

Why does this matter? Because many investors assumed that once the government shutdown ended, the TGA would inject liquidity back into markets. But if the rollover pressure is this intense, that liquidity may never actually arrive. The system might consume it before it ever reaches the surface.

This changes the narrative. It changes the risk. It changes how we interpret every liquidity signal going forward.

If the Treasury market needs constant life support, what does that say about the next few months?

#bitcoin