Emerging-market borrowers are making the most of early 2025's favorable conditions. Bond spreads are tightening against US Treasuries, signaling improving sentiment, while capital continues flowing into developing nations' fixed income. This shift reflects how investors are repositioning portfolios as yields compress and risk appetite gains traction. For crypto market watchers, these macro trends matter—when traditional bond markets attract such flows, it often signals where institutional capital is headed. The narrowing spreads suggest developing economies are becoming more competitive on the yield front, which could redirect attention from higher-risk digital assets. Keep an eye on how this 'sellers' market' dynamic evolves; it'll reshape where money moves across asset classes.