Treasury repurchased $5.2 billion of bonds in its expanded operation, below the $6 billion cap and roughly half of the $10.5 billion holders offered to sell. That is the mechanism that broke Bitcoin out of its range in August, and it is now failing twice over: the operation underdelivered, and yields rose anyway. Saudi Arabia shutting the East-West pipeline, the alternative route around the Strait of Hormuz, added a fresh oil shock on top.