U.S. Treasury yields continue to rise, and the $34 trillion debt scale is reshaping global capital flows. This is not just numerical growth but a profound re-evaluation of the credit system.

History tends to repeat itself. The end of the British pound hegemony in 1931 echoes today in the US dollar. When the credit of traditional reserve currencies faces pressure, market choices often turn to alternatives. High-growth markets like China are beginning to attract capital inflows, and the digital asset ecosystem is gaining attention in this process.

The performance of cryptocurrencies such as Bitcoin, ZEC, Dogecoin, and others is worth considering. In an environment where fiat currency depreciation pressures are increasing, these digital assets are being viewed by some investors as hedging tools. They are not directly controlled by a single central bank policy, a feature that becomes especially prominent during macroeconomic upheavals.

The shift in capital flows is underway. Whether moving to emerging economies or allocating to on-chain assets, it fundamentally reflects a re-examination by global investors of asset safety and returns. This process will not happen overnight, but the trend has already begun to emerge. For participants, understanding the rhythm and direction of this change is more important than blindly following the trend.