#数字货币市场回调 The Bank of Japan's rate hike signal has directly stunned global risk assets. Japanese stocks plummeted, the bond market couldn't hold up either, and Bitcoin and Ethereum followed with a flash crash.

Why is it dropping so hard? To put it simply, it's because the yen carry trade is about to blow up. Over the past few years, a large number of institutions have borrowed the ultra-low interest rate yen to speculate on coins and stocks. Now that Japan is tightening its monetary policy, they can only start by dumping the most liquid assets — $BTC and $ETH , which naturally bear the brunt. This is a typical "technical deleveraging" and has nothing to do with the fundamentals collapsing.

Looking at the other side. Although the Federal Reserve is still talking hawkishly, the pace of balance sheet reduction has actually slowed down. The period of tightest liquidity may be quietly passing. Coupled with the ongoing upgrades to Ethereum and the development of the Layer 2 ecosystem, do you really think it’s going to cool off in the medium to long term?

When the market is in panic, it is often a time when opportunities and traps coexist. Some choose to buy the dip, while others continue to wait. What about you? $DOGE