**[Bitunix Analyst: Global Economic Resilience Faces Challenges, High Interest Rates and Supply Risks Impact Asset Allocation]** BlockBeats News, October 19 — The core issue in the global market lies in the fact that while the economy still has growth momentum, the financing costs, energy inputs, and fiscal expenditures required to sustain this growth are simultaneously increasing. The U.S. fiscal deficit for 2026 is projected to reach $1.992 trillion, with debt interest payments rising to $1.36 trillion. Despite the market value of U.S. Treasury bonds held overseas increasing by over $83 billion at the end of August, demand for short-term Treasury bills has weakened, indicating that foreign capital allocation is not fully returning. As governments are forced to borrow new debt to repay old obligations, the risk premium demanded by the market for long-term debt will directly impact global funding costs. AI investments exhibit a similar duality. Economists generally hold optimistic views about AI's productivity potential over the next decade, but Bank of America estimates that the weighted average cost of capital for major cloud providers has risen from 4% in 2023 to approximately 10%, with some data center projects facing delays and financing challenges. If AI investments begin to cool, corporate financing demand may decrease, and U.S. Treasury bonds could regain their role as a safe-haven asset. However, if high capital expenditures persist while revenues fail to keep pace, technology companies and related credit markets will face stricter return scrutiny. Energy and political risks add another layer of uncertainty. Protests in France reflect the pressures of fuel, housing, and living costs transforming into political risks. The International Energy Agency (IEA) has accelerated the release of remaining emergency oil reserves, but this is unlikely to ensure a swift recovery of supply chains. The copper market is similarly affected by U.S. tariff policies and strikes at Chilean mines, indicating that energy and industrial raw material supplies may continue to constrain inflation from easing. For the crypto market, U.S. Treasury yields, dollar liquidity, and risk appetite will be more significant than any single event. If high-yield dollar assets continue to attract capital, risk assets like $BTC may face allocation competition. Conversely, if a slowdown in AI investments triggers a flight to safety and drives capital back into government bonds, risk asset deleveraging may occur in the short term. What the market truly needs to confirm is whether financing costs are beginning to suppress economic demand and whether high interest rates can be sustained without triggering greater financial stress.