Bitcoin prices remain near recent highs, while US government debt has surpassed $37 trillion. Analysts are closely monitoring the potential $40 trillion stress test. Stablecoin issuers like USDT and USDC have become significant short-term buyers of US Treasuries, directly linking cryptocurrency demand to government debt financing. Meanwhile, this month, Bitcoin ETF inflows exceeded $1.5 billion, indicating sustained high interest from institutional investors, as Bitcoin's price movements become increasingly tied to broader macro factors such as interest rates and Treasury demand.