In recent days, the financial circle has been privately circulating several sets of data. On the surface, they seem independent, but in reality, they are connected to tell a story that could rewrite the global flow of capital— and Bitcoin and the crypto market happen to be at the center of the vortex.

How did this story begin? Let's look at the first clue. Trump's public statement about wanting to acquire Greenland is no joke. Caixin subsequently stated that they have "no intention of using extreme measures," but before the words even finished, they added that they are "actively advancing acquisition negotiations"— implying that this matter is serious. A major core country directly challenging the post-war international order and territorial norms is virtually unprecedented in modern international relations.

At the same time, one of Sweden's largest pension funds, Alecta, made a major move: quietly liquidating the vast majority of its U.S. Treasury holdings, withdrawing $7.7 to $8.8 billion without fanfare. This is not a panic sell by scattered investors, but a professional institution representing a national pension fund, using concrete actions to assess the risk of U.S. debt credibility.

The third clue is even more interesting. The USD to offshore RMB exchange rate remains below 7.0, with extremely small fluctuations, appearing unusually stable. Against the backdrop of global geopolitical turbulence, this most sensitive indicator of capital flow surprisingly shows a strange calm— as if waiting and observing.

The logic behind these three events is simple: the dollar's credit system established after the war and the foundation of the international order are experiencing a visible trust crisis. When the credit system cracks, capital will seek new safe-haven tools. The performance of crypto assets at this moment is worth paying attention to.