Treasury markets just hit a major inflection point. Holdings of U.S. government bonds dropped $11.8 billion last month, bringing the total down to $688.7 billion—the weakest position since 2008. This marks a sustained pullback from what used to be massive accumulated positions. The trend reflects broader capital flows and portfolio rebalancing happening across global markets. When these kinds of macro shifts occur, asset allocation strategies shift with them. For traders watching market cycles and macro indicators, this data point signals meaningful changes in how major economies are positioning themselves. The implications ripple through multiple asset classes, including digital assets, as investors recalibrate their exposure to U.S. financial instruments.