The current state of U.S. government debt is attracting significant attention. According to publicly available data, the scale of U.S. national debt has reached $38 trillion, with annual interest payments exceeding $1.4 trillion, which is equivalent to paying $2 million in interest every minute. This figure has surpassed annual defense spending, raising concerns in the market about fiscal sustainability.

The direction of the Federal Reserve's monetary policy has become the focus. Policymakers face demands to lower interest rates to alleviate debt pressure. Theoretically, for every 1% reduction in interest rates, the government's annual interest expenditure could decrease by nearly $400 billion. However, the decision to cut interest rates requires balancing multiple considerations—excessively loose policies could raise inflation expectations, eroding the purchasing power of ordinary savers while also increasing the risk of asset price bubbles.

The views of international rating agencies on the financial prospects of the United States are also changing. Moody's has adjusted the U.S. sovereign credit rating, and institutions such as Deutsche Bank have issued warnings about potential crises. These signals indicate that global investors' confidence in the dollar credit system is facing tests.

What crypto market participants should follow is that any significant changes in the liquidity environment can trigger a chain reaction. If the Federal Reserve's policy indeed shifts towards easing, it may lead to abundant liquidity again, which typically affects the volatility and allocation demand of risk assets, including crypto assets. Market opportunities and risks often coexist, requiring continuous observation of policy trends and macro data.