Recently, three seemingly independent phenomena are occurring simultaneously: DOGE is starting to enter the Japanese retail and asset trading market, yen Arbitrage trading is facing significant changes, and the leadership power transition of the Fed is entering a new phase. These events are interconnected and are reshaping the landscape of global capital flows.

The changes in DOGE are the most intuitive. This token, which was once regarded as a joke, has now been included in the payment options of consumer and luxury brands such as Starbucks, LV, and Ferrari, and is even used in real estate transactions in Japan. More importantly, Japan's financial regulatory authorities have classified it as an officially managed financial product—this signal indicates that a shift from speculation to actual application is taking place.

The market's reaction to this has been very extreme. Traders are starting to give price expectations such as "short-term target of $2 and long-term target of $7.2," driven by two factors: one is the ongoing attention from political and business figures, and the other is the consensus among ordinary investors based on actual application scenarios. When a coin transitions from being purely speculative to having actual consumption and asset settlement functions, its value anchor will fundamentally change.

At the same time, cross-border arbitrageurs holding high-yield currencies are facing pressure. Central bank policy adjustments are compressing the yield space for this portion, with a large amount of capital searching for new yield outlets. Meanwhile, the volatility and potential returns of the crypto market have become a viable option for institutional investors needing to reallocate funds.

This is not simple coin price speculation. It is the confluence of the expansion of the payment ecosystem, the global capital reallocation, and the changes in the monetary policy environment. Participants holding any risk assets are being drawn into this structural market adjustment.