According to CoinMeta, against the backdrop of uncertainty surrounding the Federal Reserve's policy path and the increase in Treasury supply, investors have become increasingly picky about the U.S. Treasurys they wish to hold, and this situation is not likely to change in the short term. "If you are a short-term trader, the past month has been very challenging," said the chief economist at Jefferies. In recent weeks, traders have been wavering between expectations of a Fed interest rate hike in October or December, leading to a clear divergence in demand for Treasurys of different maturities. In the short term, the uncertainty around the timing of Fed interest rate adjustments and the imbalance between supply and demand may continue, forcing traders to constantly adjust their investment targets in the Treasury market.