In early 2026, the financial markets are showing subtle but serious polarization. In mid-February, gold prices plummeted by 33% in a single day, while Bitcoin faced pressure, and AI-related companies maintained structural strength. Behind all these phenomena is a single institutional signal: the fundamental shift in policy framework that began with the appointment of Kevin Warsh( as the new Federal Reserve Chair. This is not just a personnel change but an institutional paradigm shift that triggered fragmentation across the entire asset market.
From institutional signals to market fragmentation: the government oversight system's