On the last day of 2025, an era of investment officially comes to an end. The elder who accumulated lifelong wealth through dollar hegemony now holds $381.7 billion in cash but has been net selling for 12 consecutive quarters. What does this seemingly ordinary financial data actually imply?

The massive cash on the books is not a sign of confidence but rather a projection of insecurity. The $38 trillion US debt looms overhead, and countries around the world are accelerating their "de-dollarization" efforts. The rise and fall of US stocks are increasingly dependent on the performance of a few tech giants. The once impregnable order now shows cracks.

The smartest capital never waits for a collapse to happen. They begin searching everywhere for new value anchors. This is precisely why discussions around crypto assets are at an all-time high — in a diversified monetary landscape, they represent a form of value storage that does not rely on any single regime. Independent, transparent, immutable.

As the old lighthouse dims, has a new light already been lit? Where do you think this flood of cash will ultimately flow?