The US Treasury conducted a buyback of $2 billion in 20-year to 30-year nominal bonds between 1:40 pm and 2:00 pm ET on May 29, 2025. Market activity around long-term US Treasury bonds (TLT) indicates a strong interest in downside protection and a belief that bond prices may have bottomed. Notably, a large call option trade was executed with 25,000 contracts of $TLT 9/19/2025 $93 calls valued at approximately $2.2 million, suggesting bullish sentiment on bond prices. Additional sizable call option purchases include 14,000 June 27th $89.50 in-the-money puts being sold to open and 2,007 $TLT 8/29/2025 $91 calls bought for $1.02 each. The options market shows a persistent put bias, with the QQQ 1-month skew holding firm in put-biased territory around the 64.5% to 90.32% three-month percentile range, and risk reversals reflecting steady to aggressive demand for downside protection despite stable price action. Retail investors have also demonstrated increased buying of $TLT, and technical analysis suggests a potential triple bottom formation for the bond ETF. Overall, these indicators point to hedging activity and a cautious but optimistic outlook on long-term US Treasury bonds amid current market conditions.