2025 barely manages to close out, but three ticking time bombs have already started counting down. Many people are still watching charts and K-lines, unaware that landmines in traditional finance could blow the entire market sky-high at any moment.

Let's start with the old topic of US Treasury debt. Back in 1981, national debt was only $1 trillion, and even with a 14% interest rate, the government could tough it out. But now? With a $39 trillion debt load, a 4% interest rate on 30-year bonds is already giving the Treasury sleepless nights—interest payments alone burn through $1.2 trillion a year, higher than military spending and solidly in second place on the expenditure leaderboard.

Real estate is even more brutal. Remember the 2008 subprime crisis? The current bubble is even bigger than back then. By the end of 2024, the total value of US real estate soared to $50 trillion, more than double the 2006 peak. In household assets, the share of real estate jumped from 23% to 28%. In the past, it was normal to buy a house with 30% of your income; now, you'd need to earn 50% more than the median income just to qualify for a mortgage. The pressure is beyond what "huge" can describe.

AI is even crazier. Using the Wicksellian spread model, the scale of capital misallocation has left 2008 far behind, accounting for over 60% of GDP. Most of the wild investments made during the low interest rate era now look like inefficient allocations.

If all three bubbles burst at once, can the crypto market withstand it? The key depends on the pace of the collapse, how central banks respond, and how deep market panic goes. The massive reshuffle in 2026 could completely rewrite the rules of the wealth game—neither traditional finance nor crypto will escape.