Recently, the focus of the global financial markets has been on the Federal Reserve, but the decision that truly changes the game was just made in Tokyo. The Bank of Japan voted 9-0 with an overwhelming majority to raise interest rates and explicitly stated that this is not a one-time adjustment, and further increases will follow. What does this mean? It signifies the end of the decades-long ultra-low interest rate environment for the yen, and the largest arbitrage source for global capital markets is about to dry up.

For the crypto market, the impact of this change is quietly emerging. You see Bitcoin oscillating after falling from the high of $95,000, and Ethereum in a tug-of-war near the $3,500 mark. On the surface, these look like standard long-short battles. But the underlying logic is quite clear — a large number of arbitrage positions based on low-interest yen borrowing are being closed, and global capital is undergoing a silent reallocation. Those rebounds that seem like buying the dip are likely signals released during the closing process to attract new buyers.

In the face of such structural shifts, the traditional "buy the dip"