US debt peaked at 40 trillion dollars, and the Swiss increased their holdings of gold and bitcoin in francs

According to Woofun AI, Bitcoin's price driving logic is shifting from policy expectations to macro-hedging. Neoclassical Capital co-founder Michael Busella emphasized that the current upward trend is not dominated by Washington political factors, but that the market sees gold, the Swiss franc, and Bitcoin together as core assets to hedge against the risk of currency depreciation.

The size of US Treasury bonds surpassed $40 trillion, and this macro-debt pressure became a key variable in reshaping investment preferences. Although the Digital Asset Market Clarity Act aims to define the attributes of token securities or commodities, and was reviewed by the House of Representatives in 2025, the bill was blocked again in the Senate this month due to differences in enforcement powers.

According to data compiled by Woofun AI, Bitcoin ETF (IBIT.US) and Ethereum ETF (ETHA.US) experienced outflows of hundreds of millions of dollars in the early stages of legislation, but market sentiment quickly reversed. Subsequently, single-day Bitcoin ETF (IBIT.US) capital inflows exceeded 1 billion US dollars, proving that investors' tolerance for policy fluctuations is increasing, and the return of funds far exceeds expectations.

Innovation in ecological tools has further strengthened confidence in holding positions, and the emergence of emerging domestic lending products has enabled holders to obtain liquidity without selling assets, significantly reducing the need to sell Bitcoin due to short-term capital requirements. Citing his Swiss friend's opinion, Bussella pointed out that in the context of huge debt accumulation, allocating scarce non-dollar assets is more pragmatic than waiting for legislation. The Swiss franc, gold, and Bitcoin all showed strong performance. This cross-asset class linkage highlights investors' deep concerns about the decline in the purchasing power of fiat currencies rather than simply clarifying game regulations.

Despite Bitcoin being included in the scarce asset portfolio, Bussella warned that its risk asset attributes have not changed, and that macroeconomic conditions and currency depreciation pressure will continue to dominate price fluctuations. As voting on the “Clarity Act” continues to be postponed, the disconnect between the legislative schedule and fundamental-driven drivers is becoming more and more obvious. This difference in perception may make the macro-hedging logic more dominant in the subsequent market.