Last night's market movement indeed left a deep impression. The rapid surge of BTC caused many to be caught in a dilemma of whether to chase or not. Some rushed in, some chose to wait and see, and others are weighing the timing for taking profits. However, the logic behind this surge is worth a careful review.

Based on market observations, this is not simply a technical rebound but more like a signal of large capital deployment. To understand this, two key dimensions need to be considered.

**Shift in Macro Liquidity**

The policy direction of the Japanese Yen has become an important variable recently. For a long time, the low-interest-rate environment of the Yen has supported a large arbitrage trading ecosystem. International funds borrow Yen to invest in high-yield assets, which is common in financial markets. Now, as market expectations suggest the Yen interest rate hike cycle is about to begin, the arbitrage funds that had been accumulating off-market will face reallocation. As a high-volatility, highly elastic asset class, the crypto market often becomes the first choice for institutional funds during such global liquidity rebalancing periods. Historical data shows that each major economic policy shift is accompanied by significant capital inflows into crypto assets.

**The Truth Revealed by Order Book Data**

The 5000-point rally yesterday better illustrates the point. Many retail investors might interpret this as a collective market sentiment explosion, but a closer look at the order book details reveals a different picture. During this surge, sell pressure was minimal, indicating that most circulating chips in the market are firmly controlled by major funds. The limited amount of tradable chips held by retail investors is a typical sign of institutional entry and main force establishing an advantage.

In other words, this is a display of capital strength—ample chip size gives the main force confidence to initiate a rally at any moment, showing disdain for small market fluctuations. This attitude itself is a strong market signal.