Brother Wu covers a wide range of topics, from the root cause of the weakness in US bond auctions, to the evolution of fiscal deficits, to the uniqueness of the Japanese bond market, the systemic pressure faced by US dollar assets, and even the changing positioning of Bitcoin. Recommend learning comprehension. I also want to share my personal understanding, which is both a summary and a personal reflection US Treasury: Swinging from 'safe haven anchor' to 'risk anchor'? The two major issues with current US Treasury bonds are: On the fiscal side, the structural deficit of "insufficient income to cover expenses" - the proportion of social security+medical insurance+interest expenses is becoming more and more like a "rigid fiscal", which actually weakens the space for monetary policy. On the monetary side: "High interest rates+refinancing" pressure - after raising interest rates to suppress inflation, the government has become the biggest victim of high interest rates. US Treasury bonds are now more of a 'pricing anchor' rather than a 'risk-free anchor', and risk assets are more responsive to them. That's also why the resilience of the stock market weakens during bond market turbulence Japanese bonds I don't know much, but if Japanese assets can no longer serve as the cornerstone of stable arbitrage (Japan US interest rate spread+exchange rate anchor), the cornerstone of global arbitrage trading may become unstable. Risk does not equal crisis, volatility is opportunity. Everyone cares about BTC, but it is actually a structural beneficiary. But if US bonds continue to be traded at high yields and interest rates remain high, risk assets will actually come under pressure in the future, and BTC may not be able to remain isolated in the long run. Unless the market re expects the Federal Reserve's "imminent interest rate cut," this wave of interest rate swaps may be the "catalyst" for BTC's temporary high point, rather than the "starting point