Rumors of personnel changes at the Federal Reserve have stirred up fresh waves—Hassett may replace Powell as the new chairman. As soon as this news broke, the U.S. Treasury market was like a hornet’s nest that had been poked, the traditional “safe haven asset” aura started to waver, and capital flows are undergoing a dramatic reshuffle.

First, who is this Hassett? He previously served as Chairman of the White House Council of Economic Advisers and advocates for stimulating economic growth through loose policies. If he really takes the helm at the Fed, monetary policy could become even more aggressive than it is now. Currently, Treasury yields have already dropped to 4.38% due to uncertainty over tariff policies, and the market’s faith in their “risk-free returns” is starting to erode.

What’s even more interesting is the chain reaction: investors are beginning to reassess their asset allocation logic. Treasuries are being massively sold off, funds are pouring into traditional hard currencies like gold, and the crypto market is also being impacted—Bitcoin briefly fell below the $84,000 mark, with total liquidations across the network nearing $985 million. What does this mean? When cracks appear in the U.S. dollar credit system, all assets tied to it need to be repriced.

Why is this happening? The core issue is that policy uncertainty has amplified systemic risk. Tariff policy is shaking up global trade patterns, the stability of the dollar as a reserve currency is being questioned, and the financial system underpinned by Treasuries is starting to wobble as well. Interestingly, German bunds and some emerging market assets have instead become new destinations for capital—“safe haven” labels are now being attached to other assets.

For ordinary investors, this round of turmoil actually provides three reference points:

First, don’t put all your eggs in one basket. Whether it’s crypto, precious metals, or bonds, a single bet is too risky in a high-volatility environment; diversified portfolios can smooth out the return curve.

Second, stay in tune with policy shifts. The Fed’s monetary policy direction directly affects liquidity, and if a more aggressive rate-cutting cycle does arrive, asset prices will be reshuffled.

Third, don’t let short-term panic dictate your decisions. Although the crypto market moves in tandem with traditional finance, the underlying value of blockchain technology and the long-term growth logic of the DeFi ecosystem haven’t changed. Market corrections might actually be an opportunity to reposition.

Ultimately, so-called “safe haven assets” have never been set in stone. When macro conditions shift dramatically, capital votes with its feet—wherever value can be preserved and increased, that’s where the money will go. Today’s volatility isn’t the end; it’s a signal from the market to rethink. Staying calm and rationally analyzing is more important than blindly following the crowd. Investing isn’t about luck, but about the ability to judge trends—whoever can see the direction clearly in this asset reshuffle will be able to seize the next wave of opportunities.