In 2025, there is an interesting phenomenon - the overall performance of global stock markets has outperformed US stocks. Here's the data: The MSCI World Ex-US Index rose 33%, while the S&P 500 rose only 18%. The gap doesn't seem big, but the driving logic behind it is the key.

The 9% decline in the US dollar was the core driver of this round of gains. U.S. fiscal pressures and political fluctuations are all weakening the dollar, which in turn is good for foreign stock markets. Interestingly, the same trend has also led to the rise of gold and cryptocurrencies – this is not a coincidence, but a visual indication that the market is looking for an alternative to the dollar.

Traditional financial media have also begun to recognize cryptocurrencies as a hedge asset this time around. A weaker dollar means that the price of assets denominated in dollars will rise, and Bitcoin has naturally become one of the first choices for investors as digital gold. The deeper logic is that more and more countries are exploring reducing their dependence on the US dollar - settling in local currencies and developing digital currencies. This megatrend itself validates the value proposition of decentralized currencies and is good for the entire crypto industry.

From an investment perspective, the US dollar index has become an important reference indicator. When the US dollar is in a weak cycle, consider increasing the allocation of crypto assets; When the US dollar strengthens, it appropriately reduces exposure. This is not just a skill for speculating in coins, but a necessary thinking to understand the market from a global macroeconomic perspective - don't just focus on the K-line chart, the economic logic and general trend behind it are what determine the long-term direction.

If the dollar continues to depreciate in 2026, the crypto market is likely to continue this wave of strength. The key is to understand this logic, not blindly follow the trend.