The Bank of Japan announced an interest rate hike, causing a disturbance in the global financial markets, but what about Bitcoin? It just happens to fluctuate steadily, even rising slightly. This is strange; can Bitcoin really be independent of traditional financial policies? Not really. Bitcoin's current "calmness" is, to put it bluntly, a market illusion created by a global liquidity game. It appears calm on the surface, but there are undercurrents beneath; once this balance is broken, risks will erupt.

Let's see what exactly is happening now. The recent interest rate hike in Japan is actually not large, and with the Federal Reserve still pausing rate hikes, global short-term liquidity has not tightened significantly. On the contrary, quite a few short-term speculative funds have seized this opportunity to directly pour into the Bitcoin market, pushing the price up. But what about the long term? The overall trend of tightening liquidity in major global economies has not changed. Japan may continue to raise interest rates, and once the Federal Reserve restarts the rate hike cycle, long-term liquidity will inevitably become tight. The influx of short-term hot money has actually only temporarily masked long-term risks, creating a false sense of stability in the market.

Another factor that cannot be ignored is that the cryptocurrency market itself has formed a relatively independent financial ecosystem. Funds are constantly circulating between mainstream coins like Bitcoin and Ethereum, and with the continuous development of the derivatives market, the entire ecosystem is circulating its own money. This "self-circulation" is also supporting the price of Bitcoin.