Cash flow analysis experts warn that a bear market for the US dollar is coming, as large investors are preparing to reduce their holdings.

Jens Nordvig, founder of Exante Data, focuses on tracking global fund flows and has long been in communication with large global investors, including hedge fund managers, corporate treasurers, pension funds, sovereign wealth funds, and others. Nordvig believes that the prolonged bear market for the US dollar has just begun, due to the chaotic policies adopted by the Trump administration to reshape the US economy, which have disrupted the global trade landscape. The intermittent and inconsistent tariff policies have weakened investors' confidence in the dollar "irreversibly." It is worth noting that the current US Treasury Secretary, Benson, was once a client of Nordvig in his early years, when Benson was still working at a hedge fund. Nordvig's key prediction is that unlike speculators who rapidly sold the dollar after last month's tariff hike, institutional investors who have heavily invested in US stocks and bonds over the past decade are currently "rebalancing their asset allocations." He points out that although these long-term investors may take several months to reduce their dollar holdings or establish short positions on the dollar, it is certain that the pain for dollar longs is coming.