#数字资产市场洞察 The recent move by the Bank of Japan seems quite contradictory—raising interest rates by 25 basis points, then turning around to say they will continue to maintain an accommodative stance. But the more you think about it, the more interesting it gets.

If we talk about the underlying logic, it boils down to three main points:

**First: The Truth About Liquidity**
Raising interest rates? Sounds intimidating. But then the central bank quickly states they will keep the monetary policy framework loose, which effectively declares to the global financial markets— the Japanese yen remains the cheapest financing tool worldwide. Previously, investors had to guess, but now the central bank has laid all its cards on the table. What does this mean? Capital needs an outlet. With traditional assets offering such low yields, investors naturally seek higher returns, and the crypto market has become a reservoir for liquidity. The scale could be much larger than before.

**Second: The Long-Term Fate of Fiat Currency Devaluation**
Former BitMEX operator Arthur Hayes predicts that the yen will eventually depreciate to around 200, with Bitcoin surging to a million dollars. Honestly, this isn’t baseless. Japan’s policy of maintaining negative real interest rates won’t turn around in the short term, and the trend of yen depreciation is hard to reverse. When all major fiat currencies are facing credibility issues, Bitcoin, as an asset not controlled by any single country, changes its nature—it shifts from a speculative asset to a safe-haven tool, and also becomes a means of preservation and appreciation. The figure of a million dollars isn’t just a slogan; it’s the result of macroeconomic logical deduction.

**Third: The Meaning of the Downtrend Itself**
Recently, Ethereum spot ETF’s net outflows approached $100 million in a single day, which looks like bad news. But from another perspective—this could be a moment for big funds to adjust their positions amid volatility. Historically, before every major rally, the market has experienced similar sell-offs. Those golden dips often turn out to be the launchpads for subsequent surges.

**To sum up:**
The current hesitation and decline in the market essentially leave opportunities for those who can see clearly. The Bank of Japan has effectively used policy to accelerate the devaluation of fiat currency, and Bitcoin’s role as a hedge asset is gradually being activated in this process.

The market is moving; whether it goes up or down is your call.

$BTC $ETH