On April 18, the Binance Institute released the report "Record U.S. Treasury Supply in 2025 - Impact on Macroeconomic and Cryptocurrencies", which stated: "The U.S. Treasury plans to issue up to $31 trillion in debt in 2025, at a record high of 109% of the estimated GDP and 144% of the M2 money supply. Foreign holders have about one-third of U.S. debt, and a decline in demand may drive up financing costs. Even if demand remains stable, the enormous issuance scale is a structural challenge in itself. Respite the risk asset market in the recent past may be related to optimism in trade negotiations, but has little effect on alleviating the ongoing pressure on the interest rate market throughout 2025."

"The continued interest rate hike pressure from Treasury bond supply could have an impact on risky assets, including cryptocurrencies. However, if the government eventually turns to debt monetization—that is, to cover the deficit by printing money—this could strengthen the argument that Bitcoin and other hard assets are hedge tools for currency depreciation. This macroeconomic dynamic deserves close attention. An unprecedented expansion of Treasury issuance in 2025 is one of the key macro indicators, with a ripple effect that could extend from risk-free interest rates to market liquidity, and if yields soar, it could force the White House and the Fed to adopt a policy response."