US Treasury 3-year notes attracted solid demand in the latest auction, with yields settling at 3.609%, marginally lower than the previous sale's 3.614%. The bid-cover ratio came in at 2.65, showing steady institutional interest compared to the prior 2.64 reading. What's interesting is the shift in buyer composition: direct purchases from institutions hit 29.5% (up from 19.0%), while indirect bidding dropped to 56.5% from 72.0%. The when-issued market priced the notes at 3.610%, suggesting traders see fair value near current levels. These metrics matter for crypto participants watching macro headwinds—Treasury yields often correlate inversely with risk appetite in digital asset markets.