Recently, an interesting phenomenon has caught attention—the scale of gold reserves may surpass that of US Treasuries, becoming the largest official reserve asset held by countries.

According to data released by the World Gold Council, the total global official gold reserves exceed 900 million troy ounces. Based on the gold price as of November 30, this gold is worth approximately $3.82 trillion. In comparison, as of October, the value of overseas official holdings of US Treasuries was close to $3.88 trillion. If central bank holdings remain unchanged, by the end of the year, based on the new prices, the value of gold reserves is expected to reach $3.93 trillion, officially surpassing US Treasuries.

What does this reflect? The continuous rise in gold prices over the past year, coupled with ongoing purchases by central banks, indicates a reallocation of funds. This shift in global liquidity will ultimately flow into various asset classes. As the status of traditional reserve assets is being reshaped, the attractiveness of risk assets and alternative investments is also increasing. As a representative of emerging assets, the crypto market indeed has the opportunity to benefit from this asset allocation iteration. All capital volumes are increasing, and the allocation logic is evolving, which is a positive signal for the entire ecosystem.