Upcoming Treasury auctions of $183 billion in short- and intermediate-term notes will test whether Bitcoin ETF demand can sustain against fresh government debt supply.

"$183 billion of two-, five-, and seven-year Treasury note auctions take place from Aug. 25 through Aug. 27, with the long real yield still near 2.97%. If flows fade or Bitcoin reverses while real yields remain elevated, the rally will look more exposed to bond-market competition than the four-day inflow total suggests."