On the early morning market monitoring screen, a set of data is being refreshed: Large Investors are quietly exchanging ETH for USDD and other stable assets. The savvy people in the market are always ahead of the news.

The world is watching the actions of the Bank of Japan. As soon as the news of the first interest rate hike in seventeen years broke, panic spread instantly over the impending end of yen carry trades. But this is just the surface. Beneath it, deeper undercurrents are surging.

On the surface, this step by the Bank of Japan is indeed symbolic. After a brief market rebound, it fell back into oscillation and difficulties. But those in the know understand that this is far from the whole story.

The real issue is not the current interest rate level, but the sensitive nerve of Japan's 10-year government bond yield. It is approaching 1%, and once this psychological barrier is broken, it will be suffocating for Japan, which has the highest global debt. Japan's government debt is more than twice its GDP, and a surge in long-term interest rates means a steep rise in debt servicing costs, which is an unbearable pressure.

This creates a suspense: will the central bank restart "yield curve control" under a new name? The market has dubbed this potential operation "YCC 2.0". In other words, while the central bank publicly claims to tighten policies, it may be forced to secretly set a relatively loose ceiling for long-term interest rates. This contradictory situation is attracting the attention of the crypto market.