Contrary to the concerns many people have about the sustainability of U.S. Treasury bonds, overseas investors have been increasing their holdings of U.S. Treasuries since May. According to the U.S. Treasury's International Capital (TIC) report, the total amount of U.S. Treasuries held by countries and regions outside the U.S. reached $9.16 trillion in July, an increase of $31.9 billion compared to June. However, the growth was lower than June's $80.2 billion. The proportion of U.S. Treasuries held by overseas investors has gradually risen from 22% at the end of April to over 25% in July. Trading data shows that in July, both private sector and official investors were net buyers of U.S. Treasury notes and long-term bonds. Private traders were net sellers of short-term Treasury bills, while official investors were net buyers. So, in the end, it’s retail investors who are panicking, while official and institutional investors remain quite steady. The TIC data from the U.S. Treasury also reveals that in July, foreign residents increased their holdings of U.S. long-term securities, with a net purchase of $78.8 billion. Among them, foreign private investors were net buyers of $72.4 billion, while foreign official institutions were net buyers of $6.4 billion. Meanwhile, U.S. residents increased their holdings of long-term foreign securities in July, with a net purchase of $29.6 billion.