Institution: Historic sell-off of US Treasury bonds in US dollars, funds are pouring into other safe-haven markets.

Marija Veitmane, the market strategist at Daofu Global, pointed out that according to custody data, institutional investors increased their portfolio risk exposure in June, but at the same time significantly reduced their holdings of US bonds and US dollar assets. This is particularly noteworthy because investors' positions in these two asset classes are at their lowest levels in years. She also mentioned that investors continue to question the traditional safe-haven status of these two assets. Whether it is the selling of US stocks in the first quarter, the escalating concerns about fiscal sustainability in the second quarter, or the recent outbreak of conflict in the Middle East, none of these events have sparked a buying frenzy for the US dollar or US bonds. This trend of selling US bonds contrasts sharply with the increasing holdings of Japanese and European bonds.