#数字资产市场动态 Global multiple countries collectively reduce holdings of US Treasuries, reaching a record high in scale—this behind-the-scenes logic directly concerns your assets.

Let's look at how intense the data is: Europe recently sold off $150.2 billion in US Treasuries, the largest scale since the 2008 financial crisis. China's reduction was even more direct—$105.8 billion, the largest since 2008. India also didn't want to fall behind, with $56.2 billion, hitting a new high since 2013.

Why should you pay attention? Because US Treasuries are not just a piece of debt; they support the entire global financial system. When multiple countries sell off simultaneously, bond prices inevitably fall, and falling prices mean yields soar. Rising yields are a signal that borrowing costs are increasing—whether for corporate financing, government borrowing, or personal loans, all costs are moving upward.

The chain reaction extends further: soaring yields will directly squeeze market liquidity. The bond market is the first to be impacted, followed by stock market turbulence, and cryptocurrencies, due to their relatively fragile liquidity, such as $BTC and $ETH, usually experience more intense volatility. Essentially, the wave of US Treasury sell-offs reflects a loosening of the global collateral system—once the foundation cracks, the stability of the entire financial skyscraper comes into question.

High-leverage traders should now closely monitor changes in the US Treasury yield curve. Storms often reveal their signs in the data.