🐋 The Big Bleed: Tracking the Controlled Demolition of the Dollar

Here’s the Whale Wire: The U.S. dollar’s share of global reserves just hit 56.92% in Q3 2025.

That’s not just a number. It’s a twenty-five-year low. To put that in perspective, when the clock struck midnight on the millennium in 1999, the dollar held a 71.19% share. We’ve watched a slow-motion car crash for two decades, but in 2025, someone stepped on the gas. The herd is busy arguing about the latest celebrity meme coin, while the people who actually run the world - the reserve managers, the sovereign wealth funds, the Whales - are quietly moving toward the exits.

The Fed, in its infinite capacity for gaslighting, released a report in July 2025 claiming the dollar’s role remains "dominant." Sure. And the captain of the Titanic probably thought the ship looked great right up until the boilers exploded. They’ll tell you the decline from the 72% peak in 2001 is "natural evolution." I call it a bribe to keep the system from panicking. They need you to stay in the burning building so they have someone to sell their bags to.

Let’s talk about what the smart money is actually doing while they tell you to "keep calm and carry on." They aren't buying more Treasuries. They aren't betting on a "strong dollar" recovery. They’re buying insurance.

According to the World Gold Council, central banks accumulated 1,045 tonnes of gold in 2024.

Think about that volume. That’s not a "hedge." That’s a starvation survival strategy. These institutions see the writing on the wall. They’ve watched global foreign exchange reserves surge to $13 trillion in Q3 2025, but look at the composition. It’s not more greenbacks. The Euro has clawed its way up to a 20.33% share. Even more telling? The "Other" category - the non-traditional currencies - hit a record 20.82%.

The world is fragmenting. The "Us" in this room - the Whales - understand that sovereignty isn't given; it's taken. When you see central banks buying gold at a pace rarely seen in modern history, they aren't looking for yield. They’re looking for an asset that doesn't have someone else's liability attached to it. They’re buying the only thing that doesn't melt when the printing presses catch fire.

The IMF tried to spin the Q2 decline as 92% "exchange rate movements" rather than active reallocation. That’s a cute piece of accounting gymnastics. It’s like saying your house didn't lose value because the neighborhood went to hell, but because the "market adjusted." It’s total horseshit. Whether it’s active selling or passive depreciation, the result is the same: the dollar is losing its grip.

If you want to see what a "controlled demolition" looks like in real-time, look at the DXY. In the first half of 2025, the dollar index took a 10.6% dive against the Euro. It fell over 11% against the Swiss franc.

This is the largest drop since 1973.

For those of you who weren't around or haven't cracked a history book lately, 1973 was the year the post-WWII monetary order finally choked on its own tongue. It was the era of "Nixon Shock," oil embargoes, and the realization that the dollar wasn't "as good as gold" anymore. Fast forward to today, and we’re seeing the same structural fissures.

The Whales see the pattern. The retail crowd? They’re still waiting for a "rebound." They think this is just another cycle. It’s not. It’s a monetary regime change. When the dollar loses 10% of its value against its peers in six months, it’s not a "dip." It’s a signal that the global trust in the U.S. fiscal trajectory has hit a wall.

Ken Rogoff - a guy who used to run the IMF’s economics department and isn't exactly a tinfoil-hat wearer - is now saying the dollar is likely to get "knocked down a couple pegs." When the insiders start saying the quiet part out loud, you’d better be listening. The institutions aren't waiting for the official announcement. They’re already repositioning.

Let’s address the elephant in the room: the Chinese Renminbi. The mainstream media loves a "Yuan is the new Dollar" headline. It’s great for clicks, but the data tells a different story. In Q3 2025, the Renminbi’s share of global reserves actually fell to 1.93%.

This is what I love about the Whale's view - we don't care about the narrative; we care about the flow. If the dollar is dying, but the yuan isn't catching the runoff, where is the money going?

It’s going into the Shadow Liquidity.

It’s going into the "Others" - the Swiss francs, the Canadian dollars, the Australian dollars. And, most importantly, it’s going into hard assets. The world isn't trading one hegemon for another. It’s choosing decentralization. It’s choosing to not be under anyone’s thumb.

The SWIFT data from December 2025 shows the dollar still handles 50.49% of global payments. That’s the "dominance" the Fed keeps barking about. But look at the trend line. It’s under structural pressure. The Euro is sitting at nearly 22%. The plumbing of the global financial system is being re-piped while the water is still running. If you’re a retail investor, you’re just the guy paying the water bill. If you’re a Whale, you’re the one owning the pipes - or better yet, you’re the one with your own well.

Now, let’s look at the "Hostage Situation." Foreign investors still hold $9 trillion in U.S. Treasury securities.

That’s 32% of the entire supply. The "Them" - the retail analysts - point to this as proof of "persistent demand."

Don't be an idiot.

When you hold $9 trillion of an asset that’s depreciating by 10% in six months, you aren't an "investor." You’re a hostage. You can’t sell that much without crashing the very market you’re trying to exit. So, what do the Whales do? They don't dump everything at once. They stop buying the new stuff. They let the old stuff mature and they move the proceeds into something else.

They’re diversifying into the "Other" currencies that hit a record 20.82% share this year. They’re buying into the Euro’s rise. And they’re funneling liquidity into the gold markets. The $9 trillion is a massive, slow-moving glacier. It’s melting from the bottom. The Fed knows this. They see the $13 trillion in total reserves and they know the dollar’s slice of that pie is getting thinner every single quarter.

They’ll call it "policy uncertainty" or "exchange rate volatility." I call it the end of the exorbitant privilege. The world is tired of funding the U.S. deficit with a currency that loses double digits against the Euro in a matter of months.

Here’s the bottom line. The system is being re-engineered.

We’ve got the IMF admitting the dollar is at a 25-year low. We’ve got the DXY pulling a 1973 disappearing act. We’ve got central banks hoovering up over 1,000 tonnes of gold in a single year. And we’ve got a new gold investment infrastructure coming online in 2026 that will let the masses chase the Whales into the vault.

When the "biggest innovation in the history of gold investing" hits, what do you think happens to the price? What happens to the dollar when millions of regular people realize they can swap their depreciating paper for real, vaulted gold with a single click?

The Whales are already positioned. They’re taking delivery of two tonnes of gold a week. They aren't waiting for the summit. They aren't waiting for the Fed to admit the dollar is "knocked down a couple pegs." They’re acting now because they know that by the time the mainstream media figures it out, the exit will be blocked by a panicked crowd.