Bond and currency investors are actively debating whether to restart the « Sell America » trade, a strategy that involves pulling capital out of US equities, Treasuries, and the dollar simultaneously. This perspective is driven by fresh tariff threats against European allies linked to ambitions concerning Greenland, combined with ongoing challenges to the Federal Reserve’s independence. The US trade deficit reached a record approximately $1.24 trillion last year, highlighting how dependent American financial markets have become on foreign capital inflows. Bitcoin, Ethereum, and XRP have all demonstrated significant price sensitivity to these macro tensions, behaving more like tech stocks than safe-haven assets during periods of genuine stress.
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