The Federal Reserve's monetary policy enigma and fiscal responsibility evasion have unveiled the structural decay of the dollar's credit system. German economist Martin Lück has issued a warning: buyers of U.S. debt are accelerating their exit, pushing the dollar's reserve status to the brink of collapse. A model from Standard Chartered further indicates that 2026 may become a critical point for the dollar's credit system—under $36 trillion in debt, the real yield is already struggling to cover the inflation costs of the holding countries. This is not a technical adjustment, but the collapse of the trust foundation of a hegemonic currency.
In his 130 days at the White House, Musk challenged the Washington system with Silicon Valley logic: cutting 250,000 civil service jobs, halting $20 billion in foreign aid, and pushing for government digitization. However, the entrepreneur's efficiency-driven approach was shattered by political realities.
While retail investors are anxious about ETH volatility, capital giants are completing the most precise hunting in history:
BlackRock's dual operation: selling 7,000 BTC while swallowing 26,000 ETH, using market panic to build strategic positions;
MicroStrategy's debt game: issuing high-interest bonds at 10% to sweep up Bitcoin, increasing holdings to 580,000 (worth 400 billion), turning retail investors' losses into their own capital chips;
Regulatory smoke screens: the so-called 'pension fund market entry' is a castle in the air—the 401(k) clauses hide litigation landmines, while the rushed legislation of the 'GENIUS Act' is paving the way for a $50 billion IPO for institutions like Circle.
The truth behind Musk's exit: $1.5 billion in subsidies pocketed, political and business networks completed the swap, and beneath the awkward facade, he remains a winner;
The Ethereum paradox: on-chain activity is rising against the trend, the foundation undergoes strategic renewal, and short sellers are reduced to fuel for Wall Street.
The current volatility is not risk, but a redistribution of wealth amid the fission of the old order. When you hesitate before the candlestick chart, capital has already penetrated the cycle to lay out its strategy—either grasp the rules to participate in the game or be doomed to become a footnote in the transition of hegemony.
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