October saw a notable shift in global capital positioning: foreign investors trimmed US Treasury holdings by $5.8 billion, bringing the total to $9.2 trillion. While this marks a pullback, don't overlook the bigger picture—we're still sitting at the second-highest level ever recorded. The numbers tell a story about international confidence in dollar-denominated assets and how geopolitical tensions, interest rate cycles, and alternative investments like crypto are reshaping traditional capital flows. When foreign central banks and institutions adjust their Treasury exposure this way, ripples travel across every market.