I’m afraid you’re the one who doesn’t understand how it works. The banks are buying treasuries from the US Govt with customer deposits, which are then being dev

I’m afraid you’re the one who doesn’t understand how it works. The banks are buying treasuries from the US Govt with customer deposits, which are then being devalued as bond yields rise. They are then being forced to liquidate those devalued bonds before maturity to cover withdrawals. There isn’t a hedge fund on the other side.