At 3 a.m. in Tokyo. When the Bank of Japan pressed that button, sealed for 17 years, the countdown to the end of an era began.

Over the past twenty years, there has been a global "arbitrage frenzy": borrowing yen at nearly zero cost, converting to dollars, euros, and then seeking profits everywhere—US stocks, US bonds, Bitcoin, Ethereum—wherever returns are highest. This "yen arbitrage" system has long been the invisible hand behind the previous crypto bull market. And now, that hand is loosening.

Why now, specifically, is there a rate hike? Simply put: Japan can't hold on anymore. The deflation ghost, which has dominated for over thirty years, is finally beginning to dissipate, and prices are starting to rise. To maintain the yen's credibility and prevent capital outflows, the Bank of Japan has no choice but to cut off that "cheap capital faucet" flowing globally.

For the crypto market, this is not just a short-term bearish signal. What does it mean? The yen liquidity that once propelled various assets is gradually being drained. The market is shifting from that "water rising with the tide" liquidity feast into a "stock game" or even a "shrinking volume battle" scenario.

As the tide recedes, is your boat sturdy enough?