#数字资产市场观察 The sudden Plummet in the morning session must have left many people in a daze. $AAVE $DOGE collectively turned green, and various speculations flew around in the community. However, after carefully sorting out the timeline and information sources, I found that everyone may have pointed their fingers in the wrong direction.

First, let's talk about a few of the most widely circulated claims, which are basically untenable:

The first statement mentions a sudden negative development in a certain place—this issue was actually settled over the weekend, and the market has already reacted to it.

The second claim is more exaggerated, stating that the Federal Reserve Chairman is set to resign early—given his style of functioning and term arrangements, the probability of him taking the initiative to step down at this time is essentially zero.

Where is the real trigger?

The answer is hidden in Tokyo. This morning at around seven o'clock, the Bank of Japan officially announced an interest rate hike. As soon as the news broke, the USD/JPY exchange rate fluctuated violently, and the cryptocurrency market's plummet perfectly coincided with this moment.

Why can it create such a huge stir? Because the Bank of Japan has long played the role of the world's most generous provider of funds. In the past, it continuously supplied low-cost funds to the market, but now it has not only closed the floodgates but also started to pull back. Once liquidity tightens, the high-volatility Bitcoin and altcoins will be the first to be impacted, which is the most direct shock.

The most critical question now arises: How will the U.S. Treasury and the Federal Reserve respond? Will they pressure Japan to slow down the tightening pace? If this funding spigot is really turned off, the global financial markets—especially the cryptocurrency sector—may need to prepare for a winter.

In simple terms, during this round of plummet, crypto assets are just the ones caught in the crossfire. The real eye of the storm is in Tokyo, and the direction of the game between Washington and Tokyo is what everyone should keep a close watch on.