Last night's bearish candle suddenly dropped, and countless accounts instantly shrank. But you might not realize that this is not just market volatility — a global capital reallocation is underway. The Bitcoin, Ethereum, and other assets in your hands are just the easiest to be washed away in this torrent.

Where is the root? The Bank of Japan has acted. It raised interest rates by 25 basis points to 0.75%, hitting a 30-year high. The number sounds small, but what does it mean? It means the world's cheapest source of borrowing is about to disappear.

Imagine the game rules over the past decade: international capital borrowed yen from Japan at near-zero costs, converted to dollars and euros, then invested around the world. As long as they could earn enough spread from risk assets, the entire chain could operate. This model supported a large part of the growth in global financial markets.

Bank of Japan Governor Ueda Kazuo made it very clear — as long as economic and price data meet expectations, interest rate hikes will continue. This is not bluffing. The era of zero interest rates is truly over.

What will happen next? Those international capitals that once borrowed大量日元 and heavily invested in global risk assets are now reversing course. They are starting to unwind positions, selling assets to buy back high-priced yen to repay debts. Cryptocurrency markets? They happen to be the easiest target for cuts.

This is not some manipulator's conspiracy, nor a sudden event. It is a global capital rebalancing driven by interest rate differentials. When liquidity begins to tighten, risk assets are always the first to be sold off. Understanding this logic is key to grasping why recent fluctuations have been so intense.