According to online reports, Binance Research predicts that the supply of U.S. Treasury bonds will exceed US$31 trillion in 2025, accounting for 109% of GDP and 144% of M2. A record scale will cause huge financing pressure on the market. Falling foreign demand or selling could push up yields, affecting risky assets such as cryptocurrencies. If the government adopts debt monetization, it may benefit cryptocurrencies. We need to pay close attention to macro impacts and policy responses.