Odaily Planet Daily News Binance Research Institute released a report titled "Record U.S. Treasury Supply in 2025 - Impact on Macroeconomics and Cryptocurrency", pointing out that the U.S. Treasury plans to issue up to $31 trillion in treasury bonds in 2025, equivalent to 109% of the expected GDP and 144% of the M2 money supply, the highest level in history. The report said that foreign investors currently hold about one-third of U.S. debt. If demand declines, it may further push up financing costs and put structural pressure on risky assets.
Binance Research Institute said that although the market has eased in the short term due to the warming of trade negotiation expectations, this round of treasury expansion may continue to put pressure on risky assets including crypto assets. If the government turns to the path of debt monetization, such as expanding the balance sheet to make up for the deficit, it may strengthen the logic of hard assets such as Bitcoin as a currency depreciation hedge tool, and the overall macro changes deserve special attention.