According to CoinMeta, ING indicates that with the expiration of the ceasefire agreement between the US and Iran, the pressure on the bond market will continue. Data shows that in June, foreign holdings of US Treasury bonds dropped to $9.299 trillion, down from $9.371 trillion in May, although there was still a year-on-year increase of 2.3%. Japan, the UK, and China all reduced their holdings, with Japan's holdings falling to $1.116 trillion, the UK to $939.9 billion, and China to $633.4 billion, the lowest level since September 2008. ING also points out that the normalization of real yields is not necessarily a warning sign, but rather a normalizing process of the market. However, due to the pressure of ultra-large-scale credit issuance and the lack of soothing rhetoric towards Iran from the previous Trump administration, it is expected that yields and energy prices will continue to be under pressure.