The imbalance in the global trade landscape is changing investors' perceptions of digital currencies. The US trade deficit continues to widen, forcing market participants to seek ways to hedge against traditional financial risks. Decentralized currencies like Bitcoin have gained attention—they offer a direct channel for cross-border payments without relying on the traditional US dollar settlement system, which is very attractive to those concerned about exchange rate fluctuations and currency devaluation.

But the other side of the story also deserves attention. The global liquidity flood caused by trade imbalances has led some funds to flow into the digital currency market. Among these funds, there is a significant amount of speculative chasing, which pushes prices higher and also increases volatility. Some are driven by hedging needs, while others are purely seeking profit opportunities. As a result, assets like Bitcoin exhibit a complex state that is supported by long-term store-of-value fundamentals yet also filled with short-term speculative elements.

What does this phenomenon reflect? On one hand, the limitations of the traditional financial system in handling global economic imbalances are becoming increasingly apparent. On the other hand, the advent of the digital economy era provides participants with new options. How the future global monetary and settlement systems will evolve, and what role digital currencies will play, are questions that are reshaping the market landscape.