In one night, 1 billion dollars in leveraged positions vanished into thin air. Are your holdings also turning green with anxiety? Don't be too quick to blame the market maker; this time it's not just a simple "playing people for suckers"—the world's two major central banks are playing a bigger game, and you and I are just pawns on the chessboard.

**Eastern Front: The Yen's "Homecoming Call"**

The Governor of the Bank of Japan is no longer playing games this time, directly putting "considering raising interest rates" on the table. How does the market view this now? The possibility of taking action in December has been bet on at over 90%. What does this mean? The game that global speculators loved the most in the past few years, "borrowing low-interest yen to speculate on high-risk assets," can no longer be played. When these arbitrage funds are forced to flow back, Bitcoin and U.S. stocks, which are high-leverage battlegrounds, will naturally be the first to be hit—today's plunge is the result of this force fermenting.

**Western Front: America's 'Policy Suspense Drama'**

At the same time, another voice has emerged from across the ocean. It is said that a candidate who may take over the Federal Reserve is a radical who would "hit the gas and cut interest rates as soon as they take office." What's even more interesting is that the regulators are also studying a "direct access to the Central Bank" for stablecoin issuers. Do you see the contradiction? On one hand, Japan is tightening, while on the other, the U.S. may be loosening, completely disrupting the global flow of funds.

**How can retail investors survive? Three immature suggestions**

Let's clarify first: the root of this round of fluctuations is not the transition between bull and bear markets, but rather the old game rules are being torn apart. Before the new order is established, what we can do is:

**First, control your holdings and don't go all in.** During the tug-of-war between the two major central banks' policies, wild fluctuations will become the new normal, and both your nerves and your wallet will have to withstand the turmoil.

**Secondly, focus closely on the concept of "franchise rights."** If certain stablecoins can indeed obtain Central Bank-level payment licenses (such as compliant players like USDC), their ecological value will be repriced, and there may be long-term profits.

**Thirdly, don't underestimate the "practical narrative" of Meme coins.** I heard that someone in Japan has already bought a house with Dogecoin. This shift from pure speculation to actual application might just spark a new wave of buzz. Of course, whether you can take over still depends on your own judgment.

At the end of the day, this situation is like a demolition site before the reconstruction of a building—bricks and rubble everywhere. But whoever can get the "internal subscription" for the new property in advance will win the second half. Will you choose to scavenge in the ruins or queue up at the construction site to get a number?