#套利交易策略 Do you think that the major breakthrough of the pancake at 110,000 is the prelude to a new bull market? Not at all, behind this lies the on-chain harvesting war that the United States is using to resolve its debt crisis. Before June 30, the United States has to repay 6 trillion in treasury bonds, and the key now is to find someone to take over these bonds. It's important to know that in the past, the main buyers of US treasury bonds were central banks and large institutions, but the situation has changed — the risk of collapse of US treasury bonds has caused these main players to withdraw, not only stopping purchases but many countries are also accelerating their sell-offs. With the main players absent, the United States turned its attention to individual investors. But why would individuals buy? The only way is to create the illusion of "profitability," so BTC in the crypto circle was pushed to the forefront, rising all the way to break previous highs, using a false wealth effect to lure retail investors in; to put it simply, it’s about letting retail investors help the Americans take over the treasury bonds.