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BTC and JPY fluctuate highly synchronously, the core is the linkage logic of JPY arbitrage trading: In the past, JPY had a zero interest rate, pros borrowed JPY to exchange for USD and held Heavy Position in BTC to earn high returns; now with Japan raising interest rates and borrowing costs soaring, it is necessary to sell BTC to exchange for USD to repay JPY debt.



The strengthening of the yen corresponds to the closing of arbitrage positions, putting pressure on BTC which has declined. This means that BTC has already integrated into global macro liquidity and has become a "barometer" for the flow of funds. The current biggest risk is the continuous decline triggered by the concentrated withdrawal of this massive amount of arbitrage capital.
#十二月行情展望
ETH9.37%
BTC7.17%
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