Yesterday, I watched my account filled with green - Bitcoin plummeted, and Ethereum followed suit, with the few coins I held not faring well either. In the chat group, some people were cursing the market makers for manipulation, while others were venting their frustrations blaming geopolitical factors, until a macro trader friend tossed out a line that instantly woke me up: "Stop guessing, Japan might really be about to raise interest rates for real."

I was confused at the time. Japan is raising interest rates? What does this have to do with my coin trading?

But after hearing the logic behind it, my back started to feel cold. It turns out that for nearly the past twenty years, nearly 4 trillion US dollars globally have been playing the same trick — borrowing yen at low cost, converting it to dollars to pump into Bitcoin, precious metals, and US stocks. The Bank of Japan acts like the "main faucet" of the global financial system, continuously open, providing a steady flow of cheap funds. But the problem arises: once Japan tightens its policy and raises interest rates, the first reaction of these people is only one — to quickly sell assets and convert to yen to pay off debts. You see, this is why whenever there is a slight stir in Japan, the prices of various global assets plummet collectively. It’s not that these assets themselves have deteriorated, but that a large amount of cheap liquidity has been instantly absorbed.

This "dependence on the central bank's faucet" made me start thinking about a deeper issue: we boast about decentralization all day, yet the pricing power of global assets is held under the pen of the Japanese central bank's interest rates? This realization prompted me to look for a new possibility—a value system that is truly not shackled by the financial policies of any single country. More and more projects are exploring the combination of over-collateralized crypto assets with a fully transparent mechanism, attempting to build a "self-circulating" stable value system, breaking free from the invisible dependence on traditional central banks.