Who can understand! Recently, the Bank of Japan Governor Ueda Kazuo's series of "opaque" operations are even more unsettling for the crypto market than directly announcing a rate hike. Just last week, the central bank raised its policy interest rate to a 30-year high, yet in the subsequent press conference, they chose to remain silent on key issues such as whether to continue raising rates and by how much.

This move is extremely covert. The immediate consequence has been a sharp decline in the yen, frantic selling of Japanese government bonds, soaring yields, and global financial markets experiencing turbulence. It may seem like a domestic Japanese matter, but in reality, the impact is much broader.

Some may ask: How does the Bank of Japan's attitude shift directly relate to our operations in the crypto market? Here, a key point must be clarified—the liquidity of the global financial markets is interconnected, and the unique nature of crypto assets makes them highly sensitive to such liquidity changes. In other words, the crypto market acts like an "early warning system" for global capital flows.

When the Bank of Japan releases policy uncertainty, risk capital worldwide instinctively withdraws from high-risk assets. As a representative of high-risk assets, crypto assets are among the first affected. This explains why recent volatility in BTC and ETH seems somewhat abnormal—not because something has fundamentally changed in the crypto space itself, but because macro-level risk aversion is driving prices.

Ueda Kazuo's "taiji" (taijiquan) strategy is clever because it plunges the market into a psychological state of "uncertainty equals risk." For capital markets, bad news is often less frightening than uncertainty itself. Once expectations spiral out of control, funds begin seeking safe havens, and liquidity shifts from high-risk to low-risk assets, directly depressing crypto valuations.

From a technical perspective, this macro uncertainty amplifies volatility, creating opportunities for oversold rebounds, but risks are also rising. The key is to understand the underlying logic—it's not that there is a problem with the crypto space itself, but that the global financial system is adjusting. For us, it’s crucial to pay closer attention to the policy moves of major economies' central banks, as they directly influence the scale and pace of capital flowing into the crypto market.