Recently, two signals are worth pondering: the US Securities and Exchange Commission has approved major asset custodians like DTCC to tokenize government bonds and stocks on the blockchain, followed by US banks announcing the launch of Bitcoin-backed loans. What does this mean? The wall that once separated traditional finance from the crypto world has completely disappeared.

On one side, traditional assets worth trillions of dollars are beginning to queue to enter the blockchain; on the other side, your held BTC can be directly used as collateral to borrow USD from top-tier banks. This has gone beyond the concept of "liquidity infusion" and marks the official integration of two financial systems.

But don’t rush in just yet. Behind the market’s current sideways volatility, there are real storm signals— the Japanese yen is about to end its 20-year negative interest rate era. Imagine global institutional funds (including major players like Warren Buffett) borrowing yen from Japan at nearly zero cost for years, then converting it into USD to invest in US stocks or buy Bitcoin. Once Japan starts raising interest rates, these massive arbitrage funds will have to return immediately, and the global liquidity landscape will be completely rewritten within days. A rollercoaster market could unfold as early as next week.

At the same time, the market has fully digested the Fed’s rate cut expectations. The dot plot indicates that future interest rates will only tighten, and there are even reports of opposition to rate cuts within the Fed. When the story of "continued easing" collapses, profit-taking from earlier gains will naturally leverage these positive signals to exit positions.

When the most conservative regulators and the most traditional banking systems start building infrastructure with real money for crypto assets, the signal becomes very clear: cryptocurrencies are no longer challengers to the old system but are becoming an integral part of the new financial system itself. What you might miss is not just a wave of price fluctuations, but a complete transformation of the asset class’s identity.