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The scale of U.S. debt has reached a ceiling of $38 trillion, with annual interest payments as high as $1.4 trillion—this figure exceeds military spending. From another perspective, the U.S. Treasury pays about $2 million in interest every minute. What does this mean? It means that the bulk of the economic growth benefits are being eaten away by debt.

How great is the temptation of interest rate cuts? There are voices at the official level advocating for further easing policies, and the logic is not hard to understand—every 1% reduction allows the U.S. to save nearly $400 billion in annual interest. For a financially burdened government, this incentive is almost irresistible.

But there is a problem here: excessive monetary easing usually drives up inflation, affecting the purchasing power of savings; at the same time, the risk of asset bubbles is also accumulating. Some international rating agencies have already begun to adjust their credit assessments of the United States, and the logic behind these signals is worth being vigilant about.

What do these macro backgrounds mean for the cryptocurrency market? A shift in liquidity policy often triggers a reallocation of capital among different asset classes. Risk assets like ETH and BTC may face a new round of volatility and opportunities. The key is to continuously monitor policy trends and changes in market liquidity, and to position oneself in advance rather than responding passively.