#Strategy加仓BTC The U.S. Debt Dilemma and Cryptocurrency Market Trends | From the "Deleveraging Wave" to Asset Reallocation

A detail worth noting: a major economy has been reducing its U.S. debt holdings for two consecutive years, bringing its position back to the levels seen during the 2008 financial crisis—this is not just routine portfolio adjustment; it signals a de-dollarization trend that is fermenting beneath the surface.

Meanwhile, the hawkish stance of the Federal Reserve leadership is becoming increasingly evident. If the next chair continues the aggressive rate hike policy, market expectations of rate cuts could be shattered in an instant. The reality has already provided an answer: the 10-year U.S. Treasury yield recently broke through 4.23%, hitting a new high since September last year.

What do these macro cracks mean for the crypto world? Simply put— the old system is under dual pressure.

On one side is the long-term de-dollarization trend; on the other is the short-term impact of the "high and prolonged" interest rate expectations. The seesaw effect between traditional assets and emerging assets will become more pronounced. $BTC, $ETH, $BNB and other risk assets will experience intense volatility amid these opposing forces—volatility itself is both a risk and an opportunity.

The key question is actually quite simple: when cracks appear in old beliefs, do you continue to bet on the traditional cycle, or do you seek opportunities within the new narrative? There is no standard answer to this question, but the choice itself entails bearing the corresponding risk and reward.