Analysis: The upcoming Japanese yen rate hike may not trigger risk-off sentiment in the crypto market. PANews December 13, 2023, reported that the last rate hike by the Bank of Japan led to a rise in the yen, sharply increasing risk-off sentiment in the market, causing Bitcoin prices to fall from about $65,000 to $50,000. However, this impending yen rate hike may not provoke risk-off sentiment in the crypto market for two reasons: First, speculators currently hold net long (bullish) positions in the yen, making it unlikely for them to react quickly to the Bank of Japan's rate hike. Second, Japanese government bond yields have continued to climb this year, with both short-term and long-term yield curves reaching decades-high levels. Therefore, the upcoming rate hike reflects that official interest rates are catching up with the market. Meanwhile, this week, the Federal Reserve lowered interest rates by 25 basis points while introducing liquidity measures, bringing rates to their lowest levels in three years. Overall, these factors suggest a low likelihood of significant yen carry trade unwinding and year-end risk aversion. #Gate11月透明度报告出炉