#数字资产市场洞察 The Bank of Japan just made a major move: for the first time in thirty years, it is bidding farewell to the zero interest rate era, raising the benchmark interest rate to 0.75%. How important is this signal? Just look at the global market reactions to know.

Why should we pay attention to this? The most direct reason is inflation. Japan’s prices have exceeded the central bank’s target for 44 consecutive months, and the central bank is really determined this time. But the deeper issue is— the last well of cheap global funds is closing.

Here we need to talk about the yen arbitrage mechanism. Over the past few decades, international capital has been engaged in a simple business: borrowing yen at near-zero cost and then using that money to buy assets worldwide. U.S. stocks, bonds, cryptocurrencies— whatever offers higher returns. Money is especially cheap, so the scale has been growing larger. But now that the yen is appreciating, this arbitrage space is shrinking, and the funds forced to flow back are bound to cause adjustments in the global markets.

What will happen to @ETH and Bitcoin? The short-term answer is hard to say. Rebalancing funds usually comes with intense volatility, and the risk of "spikes" definitely exists. But from a macro perspective, yen appreciation often drags down the dollar index, and historically, periods of dollar pressure tend to be favorable for cryptocurrencies.

More importantly, the price fluctuations caused by this wave of global capital migration may create rare entry opportunities for long-term investors. The $85,000 to $100,000 range might be the result of this macro upheaval. However, the prerequisite is that you need to see the direction clearly, rather than just focusing on candlestick charts.

The true game rules are changing. The upcoming hidden factor influencing asset prices is the game between the yen and the dollar. Whether to jump in at this turning point or continue to wait and see depends on your own judgment.