The ECB notes a worrying trend: investors have begun to move away from traditional safe-haven assets — the dollar and U.S. Treasury bonds. According to the bank's report, since the beginning of 2025, there has been a sharp decline in the influx of capital into U.S. Treasury bonds and dollar assets, indicating atypical behavior among investors. Instead, demand for alternative assets, such as gold and cryptocurrencies, has increased, leading to unconventional movements in the markets. As a result, the volatility of the VIX index reached 35 points in April 2025, which is more than 40% above the average over the past five years, although the figure subsequently decreased to 22 points.