#数字资产市场洞察 Don't just focus on candlestick charts anymore; the Japanese yen's interest rate hike has rewritten the entire global capital game!

Friends, the market's ups and downs are just surface phenomena. The real impact of this Japanese central bank rate hike is to end a years-long "free arbitrage era."

Let's clarify the logical chain:

Over the past few years, the yen has been the cheapest borrowing tool globally—interest rates so low they were almost free. Many hedge funds and traders did this: borrow yen → exchange for USD → buy $BTC, US stocks, emerging market assets → earn dual spreads from exchange rate movements and asset appreciation. This model has ridden multiple bull markets. But once the rate hike started, the game changed completely. The cost of borrowing suddenly shot up, turning what was once a guaranteed profit with leverage into a money sinkhole, forcing capital to be liquidated and flee.

The chain reaction unfolds like this:

First, high-valuation assets like cryptocurrencies and tech stocks will be collectively sold off—because they rely heavily on cheap liquidity. Then, the overall US stock market comes under pressure, and finally, emerging market stocks and bonds get caught in the crossfire. Essentially, this is a major shift of capital from risk assets to safe-haven assets.

Cash reserves have become the hard currency: it's not that money has disappeared, but market sentiment has changed—no one is willing to pour funds into high-risk areas like crypto and tech anymore, instead seeking stable dividend-paying assets and cash positions.

Practical advice for crypto players:

First, reduce high leverage operations; the decline in market volume is already a certainty. Second, don’t expect a big rebound—steady, cautious positioning is the way to go. Third, save ammunition for low-entry opportunities—coins like $SOL and $ZEC , which have solid fundamentals, often rebound after liquidity dries up.

Although it’s a dull period now, patient investors will ultimately be the winners. Positioning requires strategy, and mental resilience is even more important.