A recent phenomenon worth noting: the value of global central banks' gold reserves has, for the first time, surpassed the scale of their overseas US debt holdings. This is not just a data change but also reflects a deeper economic signal.

Countries are accelerating their allocation of gold and other non-US assets, essentially a reassessment of the traditional US dollar system. When sovereign institutions are seeking "value anchors outside" the dollar, the underlying logic of this shift is clear—trust in a single credit system is declining.

What does this mean for the crypto market?

Bitcoin's positioning is regaining macro endorsement. The once-doubted "digital gold" narrative now has indirect validation from national-level capital allocation. As the world competes for hard assets, Bitcoin, as a scarce resource in the digital realm, becomes increasingly strategically significant. The logic for institutional capital inflows also becomes clearer—it is no longer speculation but a necessary part of asset allocation.

Ethereum, as the infrastructure of the ecosystem, also benefits from this shift. As crypto assets move from the fringe to mainstream allocation, the value of ecosystem applications naturally increases.

In simple terms, smart money is already positioning. Grasping core assets and ecosystem opportunities is key in this cycle. When the era turns, missing the right direction is more dangerous than missing out on gains.