Share this article
Strong Uptake at 10-Year U.S. Debt Sale Eases Demand Concerns, 30-Year Sale's Up Next
The U.S. national debt exceeds $36 trillion, with analysts suggesting bitcoin and gold as hedges against potential fiscal crises.
Jun 12, 2025, 8:07 a.m.
What to know:
- Wednesday's U.S. Treasury auction showed strong demand for 10-year notes, challenging the narrative that interest in U.S. debt is declining.
- Thursday's 30-year bond sale may provide further clues.
- U.S. national debt exceeds $36 trillion, with some analysts suggesting bitcoin and gold as hedges against potential fiscal crises.
Wednesday's auction of 10-year U.S. Treasury notes undermined the narrative that investors are moving away from U.S. government debt, the bedrock of global finance, and pouring money instead into bitcoin and gold.
Thursday's sale of $22 billion of 30-year bonds may provide further clues to investor confidence in the fiscal policies of U.S. President Donald Trump since he initiated the global trade war in early April and help signal whether the notes are losing their shine as the premier fixed-income instrument backed by the deepest liquidity and low credit risk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At the June 11 auction, demand for the $39 billion of 10-year notes, which offered a yield of 4.421%, outstripped supply by more than 2.5 times, according to Exante Data, and the primary dealer takedown was reportedly just 9%, the fourth-lowest on record. That's a sign investors did most of the heavy buying. Primary dealers are the institutions authorized by the central bank to trade government bonds, and the takedown refers to the amount of newly issued debt they absorb themselves.
Worsening debt situation
As of June, the U.S. total gross national debt is over $36 trillion, more than 120% of the country's gross domestic product (GDP).
The deficit, or the excess of government expenditure over revenue, was $1.8 trillion in 2024. The figure is expected to increase by $2.4 trillion in the coming years due to Trump's tax cut plans. As of now, the U.S. pays $1 trillion as the cost of servicing the debt.
The new issuance, therefore, is more likely to exacerbate the problem and has several analysts pointing to bitcoin and gold as a hedge against the fiscal crisis.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin, AI stock slide sees over $500 million in bullish bets wiped out
Data shows 181,893 traders were liquidated, with long positions accounting for over 87% of total losses.
What to know:
- Over $584 million in crypto positions were liquidated, primarily affecting long positions amid thin liquidity and fragile risk sentiment.
- Bitcoin and ether led the liquidations, with Binance, Bybit, and Hyperliquid accounting for nearly three-quarters of the total.
- The event is indicative the market's sensitivity to leverage, with volatility expected to remain high until spot demand strengthens.
Top Stories
