Institutions are reducing dollar exposure. Bloomberg Intelligence has the USD share of global reserves at 41%, down from 61% in 2000. We've seen this before: ▪️ 1971 - Nixon ends gold convertibility. Gold runs $35 to $850 by 1980, +126% in 1979 alone ▪️ 2000-2011 - Dollar reserve share slides from 71%. Gold does a 7x, $270 to $1,900 However, this cycle: ▪️ Gold went parabolic to $5,597 in late January. Now ~$4,100 after its worst quarter since 2013 ▪️ BTC is down 52% from its $126K October top, basing near $60K, a level it first hit in 2021 Last time gold printed a blow-off top was August 2020 at $2,075. It went sideways for three years while BTC ran from $12K to $69K. Gold caught the de-dollarization bid first. Last time it topped out like this, BTC was where the money went next.