The central bank’s newly released balance sheet for the first three quarters of 2026 contains a historic turning point that could rewrite 40 years of financial history: M2 has surpassed 359.63 trillion yuan, but of the 27.46 trillion yuan in new aggregate financing to the real economy, direct financing through bonds and stocks has surged to 49.5%—for the first time ever, overtaking traditional bank loans! Meanwhile, household-sector loans have shrunk by a net 1.03 trillion yuan, and today the central bank injected 700 billion yuan in a single day through outright reverse repos. This means the old credit cycle, driven by lending against property collateral, has come to a complete halt. Capital is bypassing bank intermediaries and flowing straight into government bonds and equity in hard-tech companies. This is precisely in sync with the financial disintermediation Web3 is unleashing: from tokenized U.S. Treasuries (RWA) on-chain to permissionless capital markets in DeFi, global liquidity is fleeing the high-friction world of traditional bank lending and shifting toward transparent, programmable direct asset pricing. Only by understanding this great migration from indirect credit to direct capital can you truly get a feel for the pulse of wealth over the next decade! $BTC $BNB $ETH #BTC #Crypto #AI #Web3