Amid the turmoil in US stocks caused by tariffs, bitcoin has been stable recently, which has market participants excited about the potential of the cryptocurrency as a safe-haven asset. However, the possibility of a significant downside in the short term cannot be ruled out, especially the risk of "US bond market basis trading" due to the intensification of bond price volatility. The analysis believes that the potential outbreak of the underlying trading of US Treasury bonds of 1 trillion dollars could trigger a global cash rush, which could lead to the selling of all assets, including bitcoin. It is reported that a similar situation occurred in mid-March 2020, when the underlying trading volume reached 500 billion dollars.