Foreign holdings of U.S. Treasury securities have declined to their lowest levels since the mid-1990s, currently representing about 33% of all outstanding U.S. government bonds. China holds approximately $760 billion in U.S. government bonds, with an estimated additional $500 billion potentially held indirectly through European Union countries such as Belgium. Despite concerns about market vulnerability due to a less diversified base of buyers and fears of a global sell-off amid recent market volatility and tariffs, foreign demand for U.S. long-term debt has remained steady. Recent auctions for 10-year and 30-year Treasury securities have seen near-average foreign participation, alleviating worries of a buyers' strike. The U.S. Treasury has scheduled significant bill sales, including $60 billion of 17-week bills on April 23, and $85 billion of 4-week bills and $75 billion of 8-week bills on April 24, all settling on April 29. The 5-year Treasury auction showed strong direct demand with a 1 basis point stop-through, while the 2-year floating rate note auction experienced weak demand. A recent 6-week bill auction raised $70 billion at a high yield of 4.24%, with a bid-to-cover ratio of 2.83. Some market participants have noted a shift with countries selling U.S. bonds and purchasing Bitcoin, reflecting changing investment preferences.