#Solana行情走势解读 $SUI $DOGE $PEPE

【2026 Global Capital Shift: US Attractiveness Is Waning, Safe-Haven Sentiment Reshapes the Market】

This recent market wave is truly playing out in new ways.

On the surface, it’s about the big news of the Federal Reserve Chair being under investigation, but the underlying logic is even more aggressive—a life-and-death game over dollar credibility is unfolding. When the White House begins to pressure the central bank through judicial means, and the Fed’s independence starts to erode, the entire global financial system must readjust its stance.

Let’s first look at the most direct market reactions:

Gold surged past $4,600, hitting a record high. The US dollar index dropped from over 100 to 98, marking the largest weekly decline in nearly seven years. US stock index futures weakened across the board, with Nasdaq futures falling below 1%. Japan was even more aggressive, selling off $20 billion in US Treasuries in just one week.

This is no coincidence.

When a country begins to forcibly intervene in central bank decisions, push for unexpected rate cuts, bypass traditional financing channels with "mortgage QE," and even directly lower credit card interest rates, what does that signal? The independence of the central bank is being rubbed into the ground. The most famous historical example is Nixon’s intervention, which directly led to a decade of stagflation, and the entire 1970s never recovered.

Major institutions are also losing patience. BlackRock has started reducing its holdings of US Treasuries; Lagarde openly states that the "US exceptionalism" is dead; JPMorgan’s report bluntly says there’s still room for the dollar and US debt to fall.

The core question is: US economic data is actually weakening. Manufacturing and non-farm employment are both softening. If the Fed continues to force a rate cut at this point, it’s like giving a feverish patient more steroids—short-term excitement, long-term danger. Global investors see through this clearly.

The European Central Bank even issued a warning: the White House is actively dismantling the foundation of dollar dominance. Think about it—if even an independent institution like the Fed can’t be protected, why would investors still trust dollar assets?

So what phenomena are we seeing now? Global capital is fleeing US assets at an unprecedented rate. Gold has become the preferred safe haven, and the heavily sold-off dollar is being dumped in large quantities. This isn’t abnormal—it’s rational re-pricing.

The implications for the crypto market are clear:

When traditional safe-haven assets (US Treasuries, USD) lose their appeal, investors seek alternatives. Gold has hit a new high, and digital assets are supported by inflation expectations and safe-haven demand. Mainstream cryptocurrencies like $BTC and $ETH are logically set to benefit from dollar depreciation and a loose liquidity cycle.

But be cautious: if this game continues to escalate, risk assets could come under pressure. If the Fed is ultimately forced to yield and cut rates sharply, that’s liquidity release, which is positive for the crypto space. Conversely, if markets fear the US falling into stagflation, risk assets (including cryptocurrencies) could be sold off en masse, with gold gaining the most.

Three questions worth pondering:

1. Can Trump truly control the Fed? Historically, political interference in central banks has never ended well.
2. Is US dollar hegemony really coming to an end? The reserve currency status won’t disappear overnight, but its credibility is definitely being eroded.
3. How far can gold go? Is $4,600 just the beginning, or has the market already overextended the gains for the next two years?

The biggest challenge now is timing. Is it wise to buy the dip in the dollar? Too risky. Going all-in on gold? Don’t be too greedy either. The smartest approach might be: diversify assets, hold gold and precious metals, maintain exposure to mainstream cryptocurrencies, and wait for clearer signals while spreading risk.

The essence of this market wave is the global capital’s process of re-finding safe assets. Whoever adapts to this new pattern first will have the opportunity.