#数字资产市场洞察 Riot signal!!

The global capital landscape is quietly being reshaped, and this time the driving force is neither Wall Street nor Silicon Valley—but a group of Japanese housewives controlling $15 trillion in household assets.

The turning point was the recent decision by the Bank of Japan. On December 19, 2025, the Bank of Japan raised interest rates to 0.75% in one go, the most aggressive single rate hike in nearly thirty years. Once the news broke, the market was in turmoil. The previously most profitable arbitrage game – "borrow yen, buy dollar assets" – completely collapsed.

Sounds like just a numbers game? Wrong. The Federal Reserve is lowering interest rates while Japan is raising them; what does this collision of forces mean? It means that trillions of yen in arbitrage positions are being forcibly liquidated, the interest rate differential is disappearing, and the game is over.

What’s even scarier is that this time it’s not large hedge funds exiting in an orderly manner. The "Mrs. Watanabes" are not holding risk control meetings or providing position management reports; they are simply tacitly doing the same thing: selling US stocks, selling US bonds, and exchanging for yen. This kind of "collective unconscious" coordinated action is deadlier than any institutional sell-off—because it comes without warning and without any buffer.

Capital always needs to find new destinations. When traditional assets experience severe fluctuations, alternative assets with high consensus begin to attract attention. Bitcoin's net inflow reached a new high this year, while gold ETF holdings surged simultaneously. These assets are becoming targets for a new round of global liquidity migration.

The dramatic irony of history lies here—In 2007, "Mrs. Watanabe" became famous for arbitrage trading; now, they are shaking the global market again by ending this trading. However, this time, what they are taking away is not just profits, but the dominance of global liquidity flow.

Short-term fluctuations or long-term turning points? This question is left for the market to answer.