The US dollar emerged as the top-performing safe-haven asset in October, while gold and Bitcoin weakened over the same period. Bloomberg columnist Jonathan Levin noted that geopolitical risks remain elevated, including fiscal unrest in France, potential political shifts in the United States and Israel, ongoing conflict in Iran, increased attacks on oil tankers in the Strait of Hormuz, and Houthi strikes on Saudi Arabia. Levin suggests the "dollar debasement trade," previously championed by Bridgewater founder Ray Dalio and Citadel founder Ken Griffin, may be ending. The strategy involved investors selling the dollar to shift capital into alternative assets like gold and Bitcoin.