#以太坊行情技术解读 Yesterday, the Fed's rate cut actually caused a sell-off, and then news came out that the Bank of Japan plans to raise interest rates in December—according to Reuters, possibly by 25 basis points, with room for further hikes next year, approaching 1%. Will this move boost or drag down the crypto market? Let's take a look.

The core logic is straightforward: Yen appreciation → Japanese capital flows back

Over the years, Japan's interest rates have been kept at the floor, causing a large amount of domestic funds to seek overseas yields. Now, with a rate hike, there's a reason for money to flow back. As a result, some of the global liquidity is being siphoned off.

In the short term, there will indeed be some movement—when liquidity tightens, risk assets like $BTC and $ETH will see their upward momentum weaken, and the market may just oscillate and consolidate.

But on the other hand, the impact is actually limited. Even if Japan's benchmark interest rate rises to 1%, it's still relatively low on a global scale. Moreover, the market has already priced in this rate hike, so it’s not a black swan event.

In the long run, it’s actually a positive sign—Japan officially bidding farewell to the "super low interest rate era" means the local economy is recovering, which is a plus for global risk appetite. Plus, Japanese institutional investors are particularly friendly toward the Bitcoin ecosystem, and the domestic compliant trading market is expanding, so there is still demand.