The dollar index prints a fresh low as reserve-diversification data hits

The dollar index broke to a cycle low after central-bank reserve data showed the largest single-quarter drop in USD share on record. The diversification is not into one currency — it is into everything: gold, yuan, and, in small but precedent-setting amounts, bitcoin. There is no single successor to the dollar because there does not need to be. The reserve architecture is fragmenting the way the oil market already fragmented: not by decree but by a thousand bilateral decisions. A reserve currency is a network effect, and network effects unwind slowly until they unwind all at once. The data prints quarterly. The decisions are made daily. We are in the slowly part.