#BTC对标贵金属的竞争格局 The Bank of Japan has taken action again. On December 19, it raised interest rates to 0.75%, the first time in thirty years. As soon as the news broke, the market began to ponder: what does this mean?

In simple terms, it means that the group of Japanese household asset managers holding $15 trillion—known as "Mrs. Watanabe"—is starting to consider bringing their money back. Over the years, they have habitually invested their idle funds in U.S. stocks and bonds, and now that interest rates have risen, the attraction of returning to Japan has suddenly increased.

This matter sounds small, but in reality, it affects the entire system. How important is this private capital inflow from Japan in the pricing logic of global risk assets? To put it simply: when the largest "ATM" starts pulling money back, the markets that rely on this funding need to be re-evaluated.

The US stock market is digesting, the US debt market is adjusting, and even the cryptocurrency market needs to seriously examine where its support points are. $BTC, $ETH, $BNB, the short-term fluctuations may come from the changes in the flow of this large capital.

It's not that the sky is about to fall, but the pattern of global liquidity is indeed shifting. Those who prepare in advance will always live more comfortably than those who respond passively.