The market was indeed shocked by the big dump today—BTC fell by 3.8%, and ETH dropped even more by 5.5%, while those small coins have long been in disarray. The entire encryption market capitalization evaporated by hundreds of billions in just a few hours. Everyone's attention is focused on the same moment: the Central Bank of Japan's interest rate decision is about to be announced.

Some people are rushing to escape, some are waiting for the opportunity to buy the dip, and others are gearing up to gamble on the direction with leverage. Various funds can no longer sit still. Today's "rehearsal" decline seems to confirm the most unsettling hypothesis — that once the yen arbitrage, which has long been regarded as the world's last "source of cheap funds," is tightened, the asset bubble built on this arbitrage foundation will be the first to burst.

But there is a more thought-provoking question here. When the entire market is anxious about the resolutions in the Tokyo conference room and worried about short-term fluctuations, a deeper question surfaces: If the price volatility of the encryption market can actually be precisely predicted and driven by a single decision from a Central Bank thousands of miles away, then where exactly is the foundation of the ideals of "financial autonomy" and "anti-censorship" that the encryption world initially promised?

This breach reveals a reality - under the current market structure, encryption assets, especially those mainstream coins, have not truly liberated themselves from the volatility of traditional finance. In the face of this systemic volatility risk, whether fleeing or bottom-fishing is ultimately just a passive stress response, rather than a rational decision based on long-term value judgment.

It is precisely for this reason that the market now needs more than ever those encryption-native solutions that can escape policy dependence and build endogenous stability mechanisms. This is the direction that truly deserves attention.