The Bank of Japan announced the end of negative interest rates and the beginning of an interest rate hike cycle, a signal that shook the entire global financial market. Traditional risk assets came under pressure, but interestingly, Bitcoin demonstrated impressive resistance to falling, with price fluctuations remaining stable. This is not a coincidence, but a new phenomenon in the wave of global capital reallocation.

Why is this happening? The core logic is actually very simple - "pursuing high returns and avoiding risks." After Japan raised interest rates, the financing cost of the yen soared, and some yen arbitrage funds began to withdraw from Japan in search of high-yield investments. But there is a twist: the interest rates of other major economies around the world remain relatively low, and the annualized returns of crypto assets like Bitcoin still have appeal. The result is that this portion of funds did not fully flow back, but instead surged into the cryptocurrency market, becoming an important driving force supporting Bitcoin prices.

The change in attitude of institutional investors is more worthy of attention. As the cryptocurrency market matures, Bitcoin has become a standard component in the asset allocation of professional investors. According to industry data, over 2,000 institutional investors worldwide have included cryptocurrencies in their portfolios, with an average allocation ratio between 3% and 5%. After Japan's interest rate hike, many institutions are increasing their allocation to crypto assets to optimize risk diversification.

Of course, opportunities and risks often go hand in hand. The wave of capital influx hides more uncertainties, and market risks are accumulating.