The head of Switzerland's largest bank recently issued a rare warning. The chairman of UBS stated plainly that Switzerland is "losing its appeal," and this TradFi hub has reached a "crossroads." The implication is clear - what was once a bastion of the financial industry is now facing unprecedented challenges.

What does this statement reflect? The changes in global capital flows and the reshuffling of the status of traditional financial centers. From the perspective of the macroeconomic cycle, capital is always in search of new opportunities and efficient trading environments. When traditional financial centers face structural difficulties, emerging financial ecosystems—including the crypto market and Web3 platforms—are redefining the way capital is allocated. Switzerland's predicament may be a microcosm of the adjustments in the global financial landscape.