The central bank's faucet is tightening again, and this time the outflow may bring not sweetness but bitter medicine.

Last night's market was very exciting. The whole world was watching when the Federal Reserve would cut interest rates, and the Bank of Japan suddenly dropped a deep water bomb—standing firm for the sixth consecutive time, going against the global trend of rate cuts.

Bitcoin was directly stunned by this wave of policy shocks. The price surged past $90,350, then quickly collapsed, briefly breaking through $85,000, with an intraday volatility of over 5,000 points. This is not ordinary fluctuation but a true reflection of the market's response to the divergence in policies between the two major central banks.

**Why is the Bank of Japan so "hawkish"?**

At the October 30 meeting, out of 9 policy committee members, 2 voted against. The disagreement between Takada So and Tamura Naoki is quite interesting—Takada So believes Japan's economy has already escaped the zero-inflation trap, while Tamura Naoki directly advocates raising the overnight lending rate to around 0.75%.

This reflects Japan's central bank's dilemma. Externally, global economic risks are still present, so they dare not act recklessly; internally, debt pressures are pushing them forward. The result is such a contradictory situation—change within stability, with disagreements hidden in inaction.

The recent performance of Bitcoin is actually digesting this uncertainty. Expectations about central bank policies directly translate into chaotic capital flows.