#大户持仓动态 The global market is experiencing significant Fluctuation, but the real key may be overlooked - the Japanese households managing $14 trillion in assets are facing a turning point.

The once-popular "Yen carry trade" model is collapsing. The strategy of borrowing yen to buy U.S. Treasuries relied on Japan maintaining low interest rates while the U.S. provided high yields. But now Japan is considering raising interest rates, and the U.S. is contemplating rate cuts, completely reversing the yield differential. To cut losses and close positions, these institutions and households may be forced to sell trillions in U.S. stocks and Treasuries. Once this wave of shock is released, the volatility in traditional financial markets will be enough to put pressure on Wall Street.

At the same time, the power transition at the Federal Reserve is evolving into a crucial game. Trump's economic advisors advocate for aggressive interest rate cuts, while independents lean towards a tightening approach. Whoever ultimately comes to power will directly influence the direction of global liquidity. Faced with $38 trillion in federal debt and $2 million in interest expenses accruing every minute, cutting interest rates seems more like a political choice for debt postponement.

These two pressures collide, and traditional assets will inevitably undergo re-evaluation. Smart money has already begun to seek alternatives. Historical patterns are always similar: when certainty collapses, people will re-examine assets of different categories. Bitcoin's status as "digital gold" is strengthening, and mainstream coins like Ethereum are also regaining attention, even assets with community consensus are showing unusual vitality. Code and consensus are often more solid than any policy endorsement.

The choice during a storm is simple: hold onto potentially inflated old assets, or turn to new assets guaranteed by algorithms for transparency? In this round of global capital migration, which direction do you think it will push the crypto market?