Here's something that caught my attention—U.S. economic growth projections are getting trimmed down, and the budget office is pointing fingers at two big headwinds: immigration policy changes and the aging population problem.

Think about what this means. When growth forecasts get slashed, capital allocation shifts. Investors start looking elsewhere, and historically, that's when alternative assets—including crypto—see interesting flows during economic uncertainty.

The immigration factor is cutting into labor supply and productivity gains. The demographic side? An aging population means fewer workers supporting more retirees, which puts pressure on fiscal sustainability. That's a macro tailwind for assets that operate independently of traditional monetary policy.

The U.S. budget office doesn't usually make bold calls, so when they're flagging these structural headwinds, it's worth taking seriously. This kind of economic slowdown narrative tends to reshape where sophisticated investors park their capital.

Could be worth monitoring how this plays out for risk asset positioning.