#大户持仓动态 The rate hike in Japan is imminent. What should the crypto community be alert to? Let's be direct.

If Japan truly pushes the benchmark interest rate to 0.75%, this is not just a headline; it will have real, tangible impacts.

In the past, Japan's zero interest rate policy led global investors to play an arbitrage game: borrowing yen and appreciating assets in USD. Once the rate hike is implemented, borrowing becomes more expensive, and that chain must be broken.

The most critical figure is right there — the Bank of Japan holds $1.18 trillion in U.S. Treasuries.

What does a rate hike mean? Debt pressures will surge, and asset structures must be adjusted. Ultimately, it boils down to one thing: selling off dollar assets and converting back to yen.

This large-scale asset reallocation has three characteristics:

- Focus on whether assets can be sold quickly, regardless of quality
- Pursue efficiency, with no regard for sentiment
- Assets with good liquidity are sold first

The short-term result will be — U.S. stocks, gold, Bitcoin, Ethereum all cannot avoid the impact of increased volatility. The market will shake.

But not all risks are bad.

The market always follows this pattern: after extreme fluctuations, opportunities truly emerge.

In the eyes of institutions, sharp volatility is a window for clearing positions and re-pricing.

How to respond? Three points:

- Don't push against risks aggressively in the short term; wait for clearer signals
- After policies settle, focus on the pace of recovery
- Once global funds complete reallocation, the market is likely to start a new round of price discovery

The real opportunity often appears in the most chaotic moment.