Global debt has surged to a record $353 trillion, and the milestone is arriving alongside a notable shift in investor behavior: capital is beginning to move away from US Treasuries as the default safe-haven anchor.
The combination is significant. A debt load of this scale means refinancing pressure is constant and widespread — any sustained rise in yields compounds that burden across sovereign, corporate, and household balance sheets simultaneously. When that dynamic coincides with reduced appetite for the instrument that has historically absorbed global risk-off flows, the feedback loop tightens.
For crypto and risk-asset markets, the read is double-edged: Treasury outflows can lift yields and tighten dollar liquidity in the short term, but persistent diversification away from US paper also strengthens the long-run case for non-sovereign stores of value.
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