The Dance Macabre with the Dollar Cryptos promised freedom from the financial system, but 2025 proved that they are hostages to it. The American dollar, sinking with the DXY index falling 10.8% in the year, sucked liquidity from everything that smells like risk. Bitcoin ETFs, which injected billions in 2024 with BlackRock and Fidelity leading the party, saw mass outflows in September, with record redemptions. Global dedollarization, with China and India exchanging dollars for gold and euros, also added fuel to the fire. Meanwhile, central bank digital currencies (CBDCs) are gaining ground, especially in China, where the digital yuan is already used in 20% of retail transactions. The irony? Satoshi's decentralized dream now competes with the centralized nightmare of state banks.

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