#数字货币市场回升 Is the global Liquidity turning point here? Two heavy blows may strike risk assets.

The Bank of Japan is serious this time. After the official start of the interest rate hike cycle, the Nikkei index has already provided an answer - it has dropped significantly. What’s worse is that borrowing costs have surged, and those arbitrage players relying on low-interest yen to leverage global investments are now busy closing positions to stem losses. This wave of capital returning to Japan directly means that the money flowing to other markets is decreasing. The cryptocurrency market, U.S. stocks, and emerging markets cannot escape the impact of this wave of tightening liquidity.

On the other side, the rumors of Powell "getting off early" are still fermenting. Although it's just a small market piece, his speech on Tuesday became the focus of everyone's attention. The Chairman of the Federal Reserve is not an ordinary position; once there is a real disturbance, the policy expectations of the entire financial market have to be repriced. Now, risk aversion sentiment has started to rise, and funds are observing—should they pull back first?

$BTC These assets may need to adapt to the new environment of "less money" in the short term.