The Bank of Japan's shift towards tightening is shaking up global markets. The era of near-zero-cost yen arbitrage has come to an end, and capital borrowed to long cryptocurrencies in yen is being forced to close positions—this is not just a technical adjustment, but a dramatic reversal of the macro liquidity environment.

The data is clear: #加密生态动态追踪 falls below $85,000, $BTC loses the 3000 mark, and major cryptocurrencies follow the decline. Over 110,000 traders were liquidated during this wave of volatility. On the surface, it looks like a price drop, but fundamentally, it’s a massive deleveraging wave of arbitrage positions. The cooling of the Fed’s rate cut expectations combined with Japan’s tightening shift has created double pressure. When the cheap liquidity is cut off, the liquidity feast comes to an abrupt halt.

At such moments, what is the most valuable? Calmness and cash. Bottom-fishing is like catching a knife with bare hands—highly risky. Instead of blindly buying the dip, it’s better to wait for the panic to fully release—true opportunities always come on bloodied chips. Survive, and there’s a chance to turn things around.