Foreign governments have significantly increased their holdings of US Treasury securities, reaching record levels amidst the US national debt exceeding $37 trillion in 2025. These unprecedented purchases by global central banks and sovereign wealth funds are impacting global financial markets and potentially influencing risk assets like cryptocurrencies. 2025 data reveals that foreign governments purchased $37.7 billion in long-term US securities, a trend that aligns with the surpassing of $37 trillion in national debt. This increase in foreign holdings bolsters dollar liquidity, affecting macroeconomic conditions, investment decisions, and overall risk sentiment.