Recent changes in the global financial markets are quite interesting. The US Dollar Index has fallen back to 2017 levels, and gold has broken through the 4600 mark. This actually reflects a bigger issue—the dual impact of geopolitical tensions and monetary policy.

From an observational standpoint, the current policy environment is indeed changing the logic of capital flows. BlackRock has been reducing its holdings of US Treasuries, and Japan has sold $20 billion worth of overseas bonds in a single week. The actions of these institutions are not minor. The underlying logic behind this is quite straightforward: when the appeal of traditional currencies and bonds diminishes, capital must find new destinations.

What does this mean for the cryptocurrency market? History shows that whenever the world faces shocks from monetary policy or geopolitical tensions, assets like Bitcoin and Ethereum, which are less correlated with traditional financial systems, often become hedging tools for institutions and investors. Solana and other public chain ecosystem assets will also attract attention because they represent more technological innovation and independence.

The key lies in the sustainability of this trend. If US dollar hegemony truly begins to loosen, the target assets—whether gold, commodities, or cryptocurrencies—may have much more room for growth than what is visible now. Market risk aversion sentiment is rising, which could trigger rotations across different sectors.

An interesting question is: during this cycle, how will the allocation ratios between traditional safe-haven assets and alternative assets change? Will the crypto market gradually shift from a marginal asset to a mainstream allocation? Share your thoughts in the comments.