A major, unnoticed migration of global capital is taking place.

Are you watching the Federal Reserve's interest rate meeting? The real earthquake is across the Pacific — Japan's 10-year government bond yield has surged to 1.8%, and the market bets that there is nearly a 50% chance the Bank of Japan will raise interest rates soon. This economy, which has been asleep for thirty years, is finally waking up from the nightmare of negative interest rates.

Sounds like just an ordinary policy adjustment? No. This is the prelude to the collapse of the global financial rules that have been in place for the past twenty years.

Think about those tricks that Wall Street loved to play in those years: borrowing yen at nearly zero cost, exchanging it for dollars and rushing into the US stock market, US bonds, and even the cryptocurrency market. Those days of making money while lying down may really be coming to an end. Once Japan starts tightening liquidity, the trillion-level leveraged funds will have to rush to close positions and withdraw. The US stock market will shake three times, and the crypto circle? It will be even more affected.

Looking at the situation in the United States, the surface data seems decent, but the unemployment rate among the young population has quietly climbed to 8.5%. Don't underestimate this number—this group of twenty-somethings contributes 60% of labor income in the U.S. If they stop consuming, the entire economic engine begins to cough.

So Goldman Sachs directly stated: the Federal Reserve must cut interest rates in December. But this is not a celebration party; rather, it is a life-saving shot — taking advantage of the fact that the data has not completely collapsed yet, quickly administering a shot to stabilize the situation.

The more magical plot is yet to come. The next chairman of the Federal Reserve is likely to be Hasset, whose style is to cut taxes and issue debt. In the short term, this can indeed make the stock market surge, but what about the long term? The scale of U.S. national debt has grown so large that it is nearly impossible to even pay the interest.

The most bizarre situation of 2025 is here: the Federal Reserve is ready to open the floodgates to rescue the market, while Japan is tightening the faucet. With one pool filling up while leaking, what kind of vortex do you think will form in the end?

Smart money is now focused on two indicators: the US-Japan government bond yield spread and Bitcoin's sensitivity to interest rate changes. Remember this: when the turning point of liquidity arrives, no asset can remain unaffected.

So the question arises: in this clash of US and Japanese policies, will Bitcoin first decline as a courtesy, or will it instead become a new safe-haven choice?