Written by: Mamengniu, Deep Tide TechFlow
An icebound island in the Arctic Circle is shaking the foundations of the global financial market.
On January 20, the U.S. market experienced a brutal "triple whammy" of stocks, bonds, and currencies, with the Dow Jones plummeting 1.76%, the S&P 500 index dropping 2.06% to record its largest single-day decline since October of last year, and the Nasdaq Composite index falling 2.39%. The yield on the 10-year U.S. Treasury surged to 4.3%, and the dollar index fell below the 99 mark.
European stock markets also crashed, with stock indices in the UK, France, Germany, and Italy all dropping over 1%, and even Bitcoin fell below $90,000.
Meanwhile, safe-haven asset gold broke through $4,800, setting a new historical high.
Black swans are appearing frequently, with the trigger sounding absurd: Trump's territorial ambitions for Greenland and the confrontation between the U.S. and Europe.
Danish Pension Funds "Dumping America"
Greenland, covering an area of 2.16 million square kilometers and with a population of only 56,000, is an autonomous territory of Denmark that should have no connection to Wall Street.
However, Trump publicly declared that "Greenland is vital to U.S. national security" and hinted on multiple occasions that "the U.S. must own Greenland." After Denmark and other European countries clearly rejected this, Trump played his most familiar card: imposing tariffs on all European countries opposing U.S. acquisition of Greenland.
The EU's response was swift and strong: considering retaliatory tariffs on U.S. goods worth €93 billion and restricting U.S. companies' access to the EU market.
The latest development is that Europe has directly targeted the Achilles' heel of dollar hegemony: U.S. Treasury bonds.
AkademikerPension, a Danish pension fund managing $25 billion in assets (serving teachers and scholars), announced it would sell all of its U.S. Treasury holdings, approximately $100 million, by the end of January.
The reasoning from Chief Investment Officer Anders Schelde was blunt: "The overall credit situation in the U.S. is poor, and the fiscal situation of the U.S. government is unsustainable in the long run."
He specifically mentioned that a key factor driving this decision was Trump's threatening rhetoric regarding Greenland. Additionally, concerns about fiscal discipline and the weakness of the dollar prompted the fund to reduce its exposure to U.S. assets.
This is not an isolated case. Two other Danish pension funds, PFA, managing about $120 billion, and the Teachers' Pension Fund Laerernes Pension, have also significantly reduced their U.S. Treasury holdings this month.
Do not underestimate these numbers. Although the total scale of Danish pensions is not as large as that of the U.S. giants, they represent a complete questioning of U.S. credit by European long-term capital.
The market's reaction was immediate and fierce: the euro surged against the dollar to 1.1768, the Swedish krona and Danish krone soared 1% against the dollar, and U.S. Treasuries faced a frenzy of selling, with the 30-year Treasury yield breaking through 4.9% and the 10-year reaching 4.3%, both hitting new highs since September of last year.
Gold Hits New Highs Again
In this financial storm, only one type of asset is celebrating: precious metals like gold and silver.
Spot gold broke through $4,800 per ounce during trading, once again setting a new historical high. Silver also surged past $94, with a cumulative increase of over 30% this year. Global capital is casting a vote of distrust against the dollar's credit with real gold and silver.
In stark contrast, Bitcoin plummeted below $89,000, with a single-day drop approaching 3%. Mainstream cryptocurrencies like ETH and Solana fared even worse, with declines generally exceeding 5-8%.
In the face of a real geopolitical crisis, institutional capital chose the hard currency that has been validated for thousands of years, and the narrative of cryptocurrencies as "digital gold" briefly failed during this systemic risk test.
Look at who is buying gold:
The Polish central bank has just approved a plan to purchase 150 tons of gold, raising its total reserves from 550 tons to 700 tons, making it one of the top ten gold reserves globally.
Central Bank Governor Adam Glapinski stated bluntly: "We need more hard assets to combat uncertainty."
Ray Dalio, founder of Bridgewater Associates, issued a sharper warning: Trump's policies are triggering a "capital war," with countries and investors reducing their investments in U.S. assets. He suggested using gold as an important hedging tool, as the current monetary system is collapsing, and the logic of central banks holding fiat currency and debt has fundamentally changed.
This statement is worth repeating. Dalio is not a doomsayer; he manages a global macro hedge fund with hundreds of billions of dollars, and every word he says represents the real anxieties of big capital.
Goldman Sachs also rarely admitted that Trump's tariff threats against Europe are "destructive" and will continue to suppress the dollar this week.
Chief Foreign Exchange Strategist Kamakshya Trivedi stated: "We have encountered destructive U.S. policies for two consecutive weekends, which has called into question the halo surrounding U.S. assets."
What does it mean for the "halo to be questioned"? In simple terms, the credit of the dollar as a global reserve currency is collapsing.
For the past 70 years, the dollar's hegemony has been built on three pillars: strong military power, the maintenance of a free trade system, and the predictability of rules.
Trump's ambitions for Greenland and tariff extortion are dismantling the latter two pillars.
When the U.S. itself begins to threaten allies, tear up rules, and weaponize geopolitics, why should other countries still store their wealth in dollar assets?
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