Last night, a moment that global investors had been eagerly anticipating finally arrived - the Bank of Japan announced an interest rate hike. What was the result? The reaction from the crypto world was completely unexpected, and the entire market experienced a wave of rise. As most analysts said, the bad news turning into good news completely released the short positions sentiment.

Let's take a look at how the market is moving: Bitcoin rebounded after touching $68,700 in the afternoon, and Ethereum followed suit after stabilizing at $2,900. The overall market is showing a textbook-level "first fluctuation, then rise" rhythm, repeatedly testing on the 4-hour level. This reveals a signal - traders have long shifted their focus from the Central Bank of Japan to a larger player, which is how the Federal Reserve will act next.

However, beneath the short-term excitement, there is a deeper change brewing. Those who only focus on whether Bitcoin can rise to $92,000 or whether Ethereum can break $3,200 may miss a more certain and worthwhile trend to position themselves for.

**The logic of making money has changed during the interest rate hike cycle**

The recent actions of the Bank of Japan, combined with the Federal Reserve's previous back-and-forth, have exposed a truth: the uncertainty of global monetary policy has reached historical highs. For high-volatility assets like Bitcoin and Ethereum, this directly produces two effects:

Volatility has become a routine. As market observers point out, "the washout is endless, only a break can lead to a reversal." The more the macro sentiment fluctuates, the more mainstream coins are likely to repeatedly perform the actions of spike, surge, and shakeout. This presents opportunities for short-term traders, but it is also a significant test for holders.