Recent movements in the US debt market are worth paying attention to. Yields are rising steadily, and volatility is frequent. Meanwhile, global attitudes towards US debt are also diverging—some are rushing to buy, while others are quietly reducing their holdings. Data shows that the US debt holdings of a major economy have returned to levels seen during the 2008 crisis, and the signals behind this cannot be ignored.

The Fed's next move is also the market's focus. If hawkish policymakers take charge, the rate cut cycle can essentially be declared over. The era of tightening policies is returning, which could have a significant impact on traditional finance and risk assets.

But from another perspective, crises often breed opportunities. The old economic system is exposing cracks, and large amounts of capital are seeking new stores of value. The cryptocurrency market is becoming an option that is being re-evaluated in this process. The performance of assets like Bitcoin and Ethereum may reflect deep changes in global capital flows during this stage.

US debt yields soaring, currency fluctuations intensifying—these may appear as risk signals on the surface, but fundamentally they also herald the beginning of a new wealth distribution cycle. The market always rewards those who see the trend clearly.