According to the analysis of Binance Research, the US Treasury Department is expected to issue more than $31 trillion of treasury bond (including refinancing) in 2025, accounting for 109% of GDP and 144% of M2, the highest level in history. This massive supply will exert sustained upward pressure on interest rates and may impact the risk asset market, including cryptocurrency. Currently, one-third of US Treasury bonds are held by overseas holders, and if demand decreases due to geopolitical factors or asset reallocation, it may push up interest rates. If the government ultimately adopts debt monetization measures, it may strengthen the market's demand for "hard assets" such as Bitcoin as anti inflation tools. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=41152