Many people are still debating whether ETH will rise or fall by a few percentage points this week, but the truly critical event is actually unfolding in Japan.

We need to clarify what has happened over the past thirty years. The Bank of Japan has implemented a move that the world has never seen before—near-zero interest rate borrowing costs and continuous liquidity injections. Where has this cheap money gone? Stocks, bonds, cryptocurrencies, even pension funds—all have benefited. In other words, behind the rise of many targets in the crypto space over the years, there’s been a hidden presence of yen arbitrage trading. That’s truly "free leverage."

But now, the rhythm is reversing. Starting this week, this "blood transfusion system" is officially shutting down.

The data shows: the Bank of Japan currently holds ETF positions worth $534 billion. The most critical point is—they have a plan to unwind these positions over more than 100 years. Don’t underestimate this detail. This isn’t just a pause in buying; it’s a complete transformation from "perpetual buyer" to "perpetual seller." Such a reversal of roles by a major global central bank is unprecedented in financial history.

How significant is this? When the source of the world’s loosest liquidity begins to flow out continuously, the asset valuation logic supported by this system will need to be recalculated. The crypto market, as one of the most liquidity-sensitive asset classes, will be among the first to feel the impact.

What does the next trend look like? The key is to watch the pace of the central bank’s unwinding and the changes in global capital flows. It’s not that a crash will happen immediately, but this long-term structural shift will definitely redefine market expectations.