Bad news surprisingly turned into good news, which is really quite absurd.

The Bank of Japan just voted to make a decision: the benchmark interest rate from 0.5% directly increased to 0.75%, the first time in thirty years. Normally, when global liquidity tightens, risk assets should plummet. But what happened? Bitcoin stubbornly surged against the trend by 1.6%, reaching $86,994.64; Ethereum also didn't want to be left behind, rising by 3.3%.

Even more astonishing is the Japanese Yen. After the rate hike, it should have appreciated, but the USD/JPY actually jumped up, briefly breaking 157 and hitting a nearly one-month high. What exactly are these major funds trying to play at?

The truth isn't complicated. There's an old market saying: buy the expectation, sell the fact. Over the past month, Japan's rate hike was no longer news; economists all sang the same tune—100% certain of a rate increase. The futures market had already digested this, and funds had already positioned themselves.

What truly causes anxiety is never the bad news itself, but the feeling of uncertainty. Once the event occurs, it actually releases pressure. Even if the Bank of Japan raises rates by 25 basis points, the real interest rate remains low, and they still confidently say that easing policies will continue. In this environment, global liquidity isn't tightening to the extreme.

The story of rate hikes may sound fierce, but when you look at the underlying logic, the market's reaction is actually reasonable.