#以太坊行情技术解读 The Bank of Japan's "whale" activity is taking a different turn. According to the latest news, the Bank of Japan plans to initiate a large-scale ETF reduction operation as early as next month—assets totaling 83 trillion yen will be phased out.

How big is this number? Converted to USD, it’s 534 billion. The book value is 37.1 trillion yen. And the most surreal part is—according to the central bank, to avoid market shocks, this "turtle-paced" process will take 112 years to complete. It’s not a joke; it’s just this math.

Monthly stable sales sound very restrained, but what does this reflect behind the scenes? A deep adjustment of the central bank’s balance sheet. Decades of long-cycle release indicate that this is not just simple reduction but a redefinition of the market liquidity landscape. How will this buffer-style large-scale sell-off affect the risk pricing of various assets in global asset allocation? Especially at a time when liquidity in the crypto market is already sensitive, changes in such macro variables warrant continuous observation.