#比特币价格走势 Yen arbitrage trading contraction is worth paying attention to. What does this signal indicate? The uncertainty in the financing environment is dissipating, and the market is shifting from fear of policy to adapting to clear expectations.

The key lies in the timing. Glassnode’s insight hits the core — Bitcoin often strengthens after pressure is released, not before. Short-term leverage pressure is inevitable, but this is precisely the process of reducing chaos and strengthening signals. The Bank of Japan’s normalization of policy has released the greatest uncertainty factor in the global liquidity environment.

From an on-chain perspective, such macro policy turning points are often accompanied by structural changes in capital flows. When arbitrage trading contracts, it means passive hedging funds are withdrawing, and the market will revert to fundamentals-driven. Increased volatility is inevitable, but it also creates asymmetric opportunities — participants who patiently wait for policy certainty to materialize can usually capture subsequent rebounds.

The current focus should be on two dimensions: first, whether the inflow of large funds has started to shift; second, whether whale addresses’ positions show signs of accumulation. The release of policy pressure usually takes 2-4 weeks to be fully reflected on-chain.