The size of US debt surpasses $38 trillion, with annual interest expenditures reaching $1.2 trillion. Behind this figure, the actions of global central banks are quietly changing.

China has been reducing its US debt holdings for 13 consecutive months, bringing its holdings back to levels seen during the 2008 financial crisis. At the same time, gold reserves are accelerating—what does 74.12 million ounces of gold mean? Asset allocation is becoming more diversified, and the era of the US dollar's dominance seems to be changing.

Japan's choices appear more forced. Under the dilemma of negative interest rate policies, US debt holdings exceeding $1.2 trillion have become the "default option." But how long can this passive allocation last? No one dares to make a guarantee.

The UK is playing it smart. The increase of $155.1 billion in holdings is driven by arbitrage in liquidity spreads. Navigating comfortably within the dollar system, this is a typical trader mindset—earning short-term gains without entangling in ideological disputes.

More notably, US debt ratings have been downgraded. The once "risk-free" financial myth is now crumbling.

What is the essence of this game? It’s quite simple—either move towards de-dollarization by gradually phasing out the dollar system through gold and diversified assets; or continue arbitraging within dollar liquidity, earning spreads. Both paths have their supporters.

For crypto asset holders, cracks in the traditional financial system often present opportunities for new assets to emerge. Gold is recovering, Bitcoin is being re-evaluated by institutions, and the topic of decentralized assets remains hot. Who will become the future store of value? It depends on how each country's central banks ultimately respond to US debt risks.

What’s your view? US debt, gold, or Bitcoin—which one will be your next bet?