Japan is quietly sending a macro signal 🚨

Japan’s gold reserves hit a record ~$120B in 2025, up +60% YoY

Gold now makes up ~9% of total reserves, more than 2× vs 2022.

Context matters:

- FX reserves: ~$1.17T

- Total reserves: ~$1.37T

This is classic central bank diversification

reducing reliance on fiat-heavy reserves.

If gold is the traditional hedge,

$BTC fits naturally as the digital reserve trade in the next phase of this shift.