The data is telling an interesting story right now:

• China's US Treasury holdings just hit an 18-year low
• Their gold reserves reached an all-time peak

It's a clear signal: major economies are rotating away from dollar-denominated assets and into hard money. Beijing is clearly recalibrating its reserve strategy for whatever comes next in the global financial landscape.

The question isn't what they're doing—it's whether you're paying attention to the same macro trends shaping asset allocation across institutions. When reserve managers pivot, crypto markets tend to follow.