According to The Kobeissi Letter, global sovereign bond issuances reached a record $18 trillion in 2024, with $16 trillion issued by developed countries and $2 trillion by emerging markets (source: The Kobeissi Letter, Twitter, June 7, 2025). This near doubling of government debt issuance creates increased competition for capital, which may reduce liquidity flows into risk assets like cryptocurrencies. Traders should monitor bond market trends closely, as higher government borrowing can lead to interest rate shifts and affect Bitcoin and altcoin price action by influencing risk appetite across global markets.