Here's a quite interesting perspective to observe——

The Federal Reserve's long-awaited rate cut has finally materialized, but don't celebrate too early. This year, I guess it's just one, and it would be good if they can give another one next year. Now, the market nerves are tightening because: the Bank of Japan is very likely to raise interest rates on the 18th of this month.

Remember Munger's classic analogy? The long-term low interest rate of the yen is like having a "weightlessness experiment capsule," where cheap capital keeps various assets—stocks, bonds, cryptocurrencies—floating in mid-air. But once this cheap money starts to withdraw, gravity instantly returns, and those floating assets will naturally fall down.

The recent volatility of BTC, to some extent, is the market pre-pricing this "gravity return." Under the game rules of tightening liquidity, no one can remain unaffected.