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Odaily News, Jack Mallers, founder of Strike and CEO of Twenty One Capital, stated that Bitcoin’s drop below $63,000 is not merely a sentiment issue but a reflection of the reality of insufficient liquidity in the global financial system.Mallers believes that while U.S. consumer confidence is at historic lows, the S&P 500 remains at all-time highs, indicating that traditional stock market signals have been distorted by policy intervention. In contrast, Bitcoin, as a 24/7 trading asset, more closely mirrors the true conditions of global liquidity and market stress.He emphasized that during periods of liquidity tightening, investors often "sell what they can, not what they want." Therefore, Bitcoin's decline may not signify a collapse of long-term conviction but rather forced selling under capital pressure.Additionally, Mallers questioned Strategy's perpetual preferred stock financing structure, suggesting it could place the company in a capital structure dilemma when liquidity is needed in the future, forcing trade-offs among different stakeholders.
According to the latest forecast from Morgan Stanley, global bond issuance related to artificial intelligence (AI) could approach $570 billion in 2026, more than doubling from last year's figure.Given that capital expenditures by hyperscalers are expected to surpass $1 trillion by 2027, Morgan Stanley believes the pace of bond issuance will accelerate further in the second half of this year.As of the end of May this year, approximately $236 billion in AI-related debt financing had been issued globally, roughly four times the volume seen during the same period last year.As tech companies continue to escalate their spending on AI, which increasingly exceeds what their own profitability can cover, debt financing is becoming an increasingly important source of capital for them.Morgan Stanley noted that to diversify their funding channels, hyperscalers are increasingly issuing bonds outside of the US dollar market. For instance, giants like Google's parent company Alphabet and Amazon have issued substantial euro-denominated bonds in the European market. (Cailianshe)