#数字资产市场动态 $ZBT Yen Tightening, The Blow Is Coming!

The moment the Bank of Japan's meeting minutes are released, the crypto market starts to get nervous. With economic recovery, rising wages, and persistent inflation, the central bank continues to tighten its monetary policy—what is the real killer move behind this? The reversal of yen carry trades.

Thinking back to the past few years, global institutions have been borrowing heavily in yen to invest in crypto assets, with profit margins that could be considered free money. Now, Japan's benchmark interest rate has risen to 0.75%, the highest in nearly thirty years. As borrowing costs increase and yen appreciation expectations emerge, institutions are forced to close their positions. $TAKE $RVV Assets like these have become the top priority for liquidation.

What does history tell us? The last three times the Bank of Japan raised interest rates, Bitcoin retraced 20%-30% each time, with aggressive selling.

But the current situation is a bit interesting—market reactions are diverging. Expectations of rate hikes were already priced in early on, and after the actual news was announced, crypto assets instead experienced volatility but stabilized. This is the old trick of "buy the rumor, sell the fact." The reason it hasn't collapsed is because the Federal Reserve is still cutting rates, and the liquidity released has partially offset the impact of capital flowing back into yen.

The key question is: how long can this balance last? Wages continue to rise, inflationary pressures remain, and the BOJ's rate hike cycle may be extended. The tide of carry trade liquidations will keep coming. Crypto assets are now deeply intertwined with traditional finance, and when institutions reduce their positions, it triggers a chain of sell-offs. The momentum of liquidity contraction has not yet fully released, and the risk of a deep correction still looms. Investors need to stay alert and watch for policy signals at any time.