Recently, the changes in global US debt holdings are indeed worth paying attention to. According to public data, Europe has recently sold off US bonds totaling 150 billion, India has sold about 56 billion, and China's US debt holdings have gradually decreased from a historical high to around 682.6 billion USD—what does this figure imply?

On the surface, this is just a reallocation of assets by various countries. But digging deeper, the issue becomes more complex.

The rise in US bond yields is not surprising in itself; the real risk lies in the underlying logical chain. When US bonds become more attractive, funds flow from risk assets to safe assets—this has a tangible impact on the stock market, especially on crypto assets. High-volatility assets like SUI, ZEN, and XRP are often the first to be affected in an environment of liquidity tightening.

Even more worth noting are the signals themselves. With the US deficit soaring and credit rating pressures emerging frequently, discussions about de-dollarization are gradually moving from the fringe to the mainstream. Are countries reducing holdings as a short-term risk hedge or as part of a long-term strategic adjustment? No one can give a definitive answer to this question, but historical experience tells us that shifts in capital flows often happen faster than expected.

From the perspective of the crypto market, when traditional assets come under pressure and liquidity tightens, digital assets that rely on risk appetite are the first to experience increased volatility. This is not alarmist talk but a pattern repeatedly validated in past cycles.

The key question is: Is your holding strategy adaptable to such environmental changes? At the point when liquidity shifts from easing to tightening, blindly chasing highs often comes with the greatest cost. The smarter approach is to observe subtle changes in capital flows and adjust risk exposure in advance.

What is your view on this wave of US debt sell-offs? Is it a reasonable market re-pricing or a prelude to greater risks?