#特朗普加密货币政策新方向 The Bank of Japan suddenly changed its stance, what's the reason behind this big dump in the crypto market?

On December 1st, Bank of Japan Governor Kazuo Ueda sent a clear signal at a press conference: the monetary policy meeting on the 19th will seriously assess the possibility of interest rate hikes, and if economic and inflation data supports it, the process of rate hikes will continue. This statement caused violent fluctuations in the Japanese stock and bond markets that day, with the Nikkei 225 index briefly experiencing a big dump of over 2%. The chain reaction quickly transmitted to the crypto market, with Bitcoin and Ethereum undergoing significant pullbacks in a short period.

The logic behind it is actually not complicated. In the past few years, global investment institutions have been accustomed to using low-cost yen for arbitrage trading—borrowing yen to buy USD assets or encryption to earn interest rate differentials. Now that expectations for interest rate hikes in Japan have heated up, the yen has passively strengthened, and these leveraged funds must quickly close positions to cut losses. BTC and ETH, being the most liquid, naturally became the first targets to be sold off.

But there is an easily overlooked turning point here: this round of fall is essentially "technical deleveraging," rather than a problem with the encryption currency fundamentals. The project ecology, technical route, and market demand have not undergone any substantial changes.

What is more worth noting is that the macro environment is improving. The Federal Reserve officially ended its balance sheet reduction operation on December 1, which means the liquidity tightening cycle has come to an end. At the same time, Ethereum is set to launch the Fusaka upgrade in December, which will enhance the token value capture mechanism and optimize the Layer2 cost structure, but the market's attention to this is noticeably insufficient.

Short-term fluctuations always amplify emotions, but when we look at it calmly, is it panic selling or a strategic positioning window? What do you think of the current price, is your position to continue holding or have you adjusted it? Feel free to share your trading thoughts in the comments section, let's analyze the upcoming market trends together.