#加密生态动态追踪 In the past few days, what’s truly shaking the market is, frankly, a re-evaluation of macro expectations.

The information is actually quite straightforward:

The Bank of Japan’s rate hike on the 19th has been largely digested by the market. The impact of yen arbitrage and the pullback of BTC from high levels—these are not sudden occurrences but scripts that have been played out in advance. On the Fed’s side, the dovish signals are very clear, liquidity remains at baseline, and the worst-case liquidity vacuum has not materialized.

At this pace, capital is beginning to diverge:

ETH has shown particularly strong resilience. Big whales are rotating positions, spot ETF inflows are continuing, and stories of staking and upgrades are running parallel—this indicates institutions are voting with real money. The pullback looks more like a shakeout rather than a distribution—completely different in nature.

As for DOGE, the sentiment remains hot. As long as macro conditions do not deteriorate further, funds will easily flow back into such high consensus assets, especially during this phase when the market is re-exploring "emotion outlets."

ZEC is a defensive choice; privacy assets tend to be re-evaluated and gain attention during uncertain cycles.

In summary:

The Japanese rate hike has shifted from a "black swan event" to a "known variable." The market’s real focus now is on which assets can continue to attract buying support amid uncertainty.

The direction is always more important than the level.