According to HT financial news, HTX Research analyst Chloe (@ChloeTalk1) pointed out in her column that last week, both US and Japanese long-term government bond auctions were cold, with the US 20-year bond yield surging to 5% and Japanese long-term interest rates hitting a 25-year high, leading to increased market concerns about global liquidity tightening. However, the US Treasury continues to primarily absorb funds through 3-6 month T-Bills, mainly "draining" money market funds rather than risk assets; the Federal Reserve can also pause quantitative tightening or activate the repurchase window, limiting pressure on risk assets.
Bitcoin thus demonstrates strong resilience: spot ETF continues small net inflows, over 70% of Bitcoin has been deposited for more than six months, exchange balances continue to decrease, and Asian and Middle Eastern funds are buying the dip. Even if US debt net financing may rise to $1.25 trillion between July and September, short-end debt issuance and repurchase agreements reduce direct liquidity pressure on high-beta assets. ETF passive positions and "hard coins" disperse selling pressure, coupled with expectations of US dollar depreciation, Bitcoin remains strong.
Note: The content of this article is not investment advice and does not constitute an offer, solicitation of an offer, or recommendation for any investment product.
