#以太坊行情解读 $ZEC $ETH

The big players who can really stir up waves in the market may be beyond your imagination.

Have you learned about the secret of Japanese retail investors making easy money? This does not refer to a specific person, but instead to a group of super investors holding vast family assets in Japan. For the past two decades, they have made a fortune through a fixed route - borrowing yen (with interest rates practically at zero), converting it to dollars, then investing in U.S. stocks and bonds to earn interest rate differentials and capital appreciation. Even investment masters like Buffett have used similar strategies.

But in 2025, the rules of the game are rapidly changing.

The Federal Reserve begins to ease its interest rate policy, while the Bank of Japan raises interest rates for the first time in over twenty years. When these two signals collide, the originally loose interest rate spread will be squeezed away. What is the result? These long-term holders must massively sell U.S. stocks and bonds to exchange for yen in order to repay their yen loans—shifting from "continuously buying" to "massive selling" in an instant.

This is not a simple outflow of funds. We are talking about a global capital reallocation at the trillion-dollar level. Once the most steadfast buyers have turned into sellers, this force is enough to rewrite the market rhythm of 2025. Whether it’s U.S. stocks, U.S. bonds, or cryptocurrencies, it wouldn’t be surprising which one gets hit first.

The real eye of the storm may not be in the trading halls of Wall Street, but in the financial decisions of millions of ordinary households in Tokyo. The movement of the yen is worth paying attention to, as this round of adjustments driven by Japanese capital may just be getting started.

What do you think? Which market will be hit first by this wave of capital return?