#大户持仓变化 The Bank of Japan has launched a massive ETF reduction plan—83 trillion yen. Imagine, this cycle is so long it’s frightening: 112 years. From another perspective, on average, over 600 billion yen (about 50 billion USD) will be injected into the market each year. What does this mean? Decades-long easing policies are finally coming to an end.

In the short term, the US stock market and crypto markets may experience some turbulence. But the real change lies in the long term. As central banks gradually close the liquidity tap, asset pricing logic must change. The era of water flowing downhill is over; future competition will be about real cash flow, genuine demand, and hardcore competitiveness.

The impact on different assets varies greatly. Bitcoin, as digital gold, naturally has the store of value attribute to withstand this. Assets like $ETH with real use cases also have their stories. But those altcoins without real income, purely inflated by liquidity? Being squeezed out is only a matter of time. The market will finally return to the fundamental question of “is it worth it?”