According to CoinMeta, a research team at JPMorgan Chase released a report stating that demand for short-term U.S. Treasury bonds has cooled down, leading to a recent weakening in their relative interest rate swaps, and this situation is unlikely to reverse quickly. Strategists Jay Barry, Pankaj Vohra, Amanda Berke, and Molly Herckis pointed out that the growth in the management scale of money funds has stagnated over the past two months, with the weighted average maturity further shortening. Even though there is a potential for a seasonal rebound in the fourth quarter, it is expected that the overall growth in management scale in 2026 will be lower than in the previous two years. Meanwhile, in the four months up to August, foreign official institutions reduced their holdings of short-term U.S. Treasuries by $145 billion, and their proportion in the short-term Treasury bond market dropped to the lowest level since May 2024. The management scale of stablecoins has also stagnated over the past year. Based on this supply and demand pattern, strategists conclude that it is unlikely that short-term Treasury bond prices will strengthen significantly next year.