The massive US national debt accumulated during low interest rate periods faces a critical moment. Data shows that trillions of dollars of US Treasury bonds will mature in 2026, and refinancing must occur in a high interest rate environment. What does this mean? Interest expenses will rise significantly, and government fiscal pressure will intensify.

From an economic perspective, there are several options: increase taxes, cut spending, or adjust monetary policy. These measures could ultimately lead to expectations of dollar depreciation. Once global investors lose confidence in the dollar, the asset pricing system will undergo a systemic adjustment.

This is a turning point for the crypto market. Historically, during major financial stress periods, investors seek alternative assets to hedge risks. Traditional safe-haven assets—gold and US bonds—become less effective at this time. Bitcoin, as an asset that does not rely on any country's monetary policy, with its "digital gold" attributes, will regain attention. Meanwhile, Ethereum, as the most mature smart contract platform, continues to strengthen its value foundation through ecosystem development and technological iterations.

When stocks, bonds, and real estate face revaluation pressures, institutional funds will gradually consider including crypto assets in their allocation frameworks. This is not speculation but an inevitable process of asset rebalancing. 2026 may well be the point when this transformation truly begins.