A recent interesting turn has occurred in the global financial landscape. The world's central banks' gold reserves have surpassed $3.93 trillion, officially exceeding the amount of U.S. Treasuries held overseas. What does this number signify?

Data speaks: Over the past 13 months, central banks worldwide have continued to buy gold, accumulating over 1,000 tons. Major economies like China and Russia have not interrupted their accumulation plans. Since 2025, gold prices have increased by 70%, breaking the 1,000 yuan/gram mark. This is not a coincidence but a vote of confidence from global central banks with real gold and silver.

The logic behind this phenomenon is quite clear. First, the proportion of dollar reserves has decreased by 10% over the past decade, and countries are seeking new stores of value. Under geopolitical risks and inflation pressures, hard assets without credit backing but with historical recognition have become highly sought after. Gold has taken the lead in this trend.

Second, this trend sends a clear signal to crypto assets. Bitcoin's advantages as "digital gold" are becoming increasingly apparent—more convenient cross-border transfer, better divisibility, and lower storage costs. 29 listed companies have already included Bitcoin in their balance sheets, and related ETFs have surpassed $170 billion in scale, with institutional funds continuously flowing in.

There are already 562 million people worldwide in the crypto ecosystem. Behind the "rebalancing" by central banks, the traditional financial system is essentially reconstructing its credit foundation. In this process, crypto assets are moving from the periphery to the mainstream, and the potential to become the new generation of value carriers is growing.

Gold has already started, and the subsequent capital flows are worth watching.