The latest developments from the Bank of Japan are worth paying attention to. According to reports, the Bank of Japan plans to start gradually selling off ETF assets as early as January 2026. This will not happen overnight but will be extended over several decades, with a clear purpose — to avoid market shocks caused by a large-scale sell-off all at once.

The figures are a bit staggering. As of the end of September, the Bank of Japan's ETF holdings had a market value of approximately 83 trillion yen, which is about $534 billion USD. The book value is around 37.1 trillion yen, indicating a substantial unrealized gain.

What does this reflect? Over the years, the Bank of Japan has used large-scale ETF purchases to stabilize the stock market and release liquidity. Now, as it begins planning to reduce holdings, it indicates an adjustment in its assessment of the domestic economic situation. For global capital markets, this could signal an important shift in liquidity. As part of global asset allocation, the crypto market should also pay attention to the evolution of such macro variables.