Last night, Japan's interest rate hike was finalized, and like many others, I placed buy orders at the $81,000 level. I was calculating whether I could pick up a bargain, but what happened? The night passed with no fluctuations in the market, and the buy orders sank without a trace.

This eerie calmness makes people even more uneasy.

This is not a sign of safety; rather, it indicates that smart capital has already been deployed in advance. All the panic and market-anticipated expectations are silently digested in this strange tranquility. What I truly fear is not a sudden crash, but another kind of risk—the slow, imperceptible kind that seeps in quietly. The U in hand hasn't been converted yet, but its purchasing power is being eroded invisibly. When macro levels become unpredictable, is the "ruler" we use to measure asset value still reliable?

Stablecoins are touted as safe havens in the crypto market, providing a reference point for reassurance during turbulent times. But in reality, the "stability" of these U's ultimately still depends on the credit of traditional banking systems, central bank policies, and centralized institutions. Japan's rate hike and the slight adjustments in global central bank policies create ripples that are indirectly transmitted through complex financial chains, affecting the true liquidity and reliability of the backing assets.

The harbor we think we are in may itself be drifting.