The US primary fiscal deficit reached 3.59% of gross domestic product as of August 31, the highest among major developed economies, including Japan, according to CoinDesk. The primary balance excludes interest payments on existing debt and helps assess the underlying condition of public finances. A large deficit can raise the risk premium on US Treasuries and encourage capital to move toward countries with stronger fiscal positions or alternative assets. Although higher Treasury yields generally pressure non-yielding assets such as Bitcoin and gold, yields driven by government-debt concerns rather than strong economic growth can increase demand for them as havens. Bitcoin has risen about 23% this month and gold about 10%. On Deribit, Bitcoin options open interest is concentrated in calls with strike prices from $80,000 to $100,000, representing billions of dollars. This week's US nonfarm payrolls report and any change in expectations for a September rate hike could increase short-term volatility.