2025-12-11 10:10:24

#加密生态动态追踪 The Bank of Japan's rate hike has become a foregone conclusion. In the short term, the crypto market will experience some pain—the most direct chain reaction to this rate hike is a wave of position closures in the "yen carry trade." What will be the result? Open interest begins to decline step by step, funding rates turn from positive to negative, and sectors with high β are the first to be hit. Leveraged players retreat, and liquidity temporarily struggles to keep up.

But looking further ahead, it's a different story. Japan's rate hike cannot be simply labeled as negative for the market; instead, it is forcing the market to undergo a "cleansing"—shifting from a fragile prosperity dependent on cheap leverage to an era that truly emphasizes fundamentals and on-chain ecosystem development. This is a signal of the crypto market moving toward maturity. After the short-term sell-off pain has passed, what remains are projects with genuine value support and the reallocation of liquidity. In essence, the market is self-purifying.

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SwapWhisperer

· 12-12 09:06

Here we go again with the yen carry trade, playing this game every time. Wait, does this logic really hold? I've heard too many times that short-term dumping will lead to long-term optimism. Leverage liquidation is indeed uncomfortable, but claiming self-purification is a bit much, it just feels like funds are harvesting the little guys. Projects with solid fundamentals would have already risen; there's no need to wait for central bank rate hikes to prove it.

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LidoStakeAddict

· 12-11 10:40

Here comes the liquidation discussion again, but this time it feels truly different... The chain reaction caused by yen carry trades is really intense. A few of my high-β positions were directly wiped out in the past couple of days. But honestly, only after the liquidation can you see who really has substance. Those who rely on leverage to build prosperity were always due for a cleanup; otherwise, how could they mature? The key is that projects that withstand this wave should have solid fundamentals.

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ForkThisDAO

· 12-11 10:40

Another wave of "liquidation theory" is here. It sounds nice, but friends whose leverage got blown out probably don't have the mood to think about long-term value now.

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FarmToRiches

· 12-11 10:36

The saying about chopping leeks again, will liquidating position to close really be that fierce? Feels like it's just hype.

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MidnightTrader

· 12-11 10:36

Another wave of getting chopped for the leek farmers is coming, leverage traders will have to eat dirt this time haha

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TokenomicsPolice

· 12-11 10:25

Another wave of leverage explosion, this time it's the yen carry trade, awesome. Wait, you say liquidation? Why do I only see trash projects still bouncing around? The real liquidation should have already happened, but I bet five cents that after this move, it's still those resource-rich projects that are thriving the most.

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EntryPositionAnalyst

· 12-11 10:16

It's another leverage explosion scenario, this time involving yen carry trades. To be honest, it's really tough in the short term, but I'm more concerned about whether those projects with real value can survive later on.

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