#数字货币市场回调 The Bank of Japan's hawkish signal came suddenly. Today, news spread in the market that Japan might adjust its monetary policy direction, and U.S. Treasury yields jumped accordingly. This wave of impact is not just a matter for the TradFi circle—encryption assets also have to be re-priced.

The transmission path is actually not complicated. Japan has long maintained an ultra-loose policy, with a large amount of funds flowing overseas in search of returns, and US Treasuries are one of those reservoirs. Now that the policy direction has changed, these funds may flow back to the domestic market, which is equivalent to withdrawing a portion of global liquidity. After the yield on US Treasuries is pushed up, conservative funds will withdraw from risk assets like stocks and encryption, and invest in the bond market to earn interest.

What should retail investors do? Three operational principles:

**Controlling position size is the top priority.** Don't go all in, and definitely don't touch high-leverage contracts. When the market turns, leverage is a double-edged sword, and it can cut deeper than anyone else.

**Focus on macro variables.** If the Federal Reserve delays the pace of interest rate cuts, liquidity expectations will have to be adjusted downward. Short-term fluctuations are inevitable, but don't forget that the underlying logic of blockchain is still there— the story of technological iteration and application landing is not over.

**Don't let emotions lead you.** A drop doesn't mean you should liquidate, and a rise doesn't mean you should chase the high. Use money that won't affect your life for allocation, hold on to the assets you truly believe in, and don't let short-term fluctuations disrupt your rhythm.

The market is always fluctuating; the key is whether your response strategy is solid enough.