#以太坊行情解读 $ETH $RWA $BNB

🚨 That group of "invisible capitalists" can no longer sit still; this time, what is influencing global flows is not Wall Street funds, but the investment accounts of millions of Japanese families.

You may not have noticed a detail – those ordinary family investors in Japan (referred to in the industry as "Mrs. Watanabe") are not holding small amounts of money, but rather a family asset pool worth trillions.

For more than a decade, their tactics have been incredibly simple:
✓ Borrow Japanese Yen at ultra-low interest rates
✓ Reverse to buy US Treasury bonds and US stocks
✓ Relying on interest rate differentials to make a living and sleep soundly

This logic is now broken.

The key reversal has arrived —
📈 The Bank of Japan has started raising interest rates
📉 The US shifts to a rate cut cycle
📉 The previously wide interest rate spread is rapidly compressing.

The consequences are very real. Holders are forced to face a choice: either endure the pain of the disappearing interest spread, or actively reduce their holdings of US Treasuries and US stocks to control risk. Once these traditional assets start to fluctuate, places to find money will appear — funds will instinctively seek out things that "rise and fall asynchronously."

A subtle structural change is happening in the market 👇
🔄 The uncertainty of the macro environment is increasing.
🔄 The correlation between traditional assets is becoming increasingly high.
🔄 Funds begin to explore "new value benchmarks"

The cryptocurrency market is stuck at this crossroads.

You will see the focus of the discussion subtly shifting - it's not just the prices of $BTC and $ETH, the concept of **"asset characteristics"** is now being mentioned very frequently. When volatility comes from the global financial environment rather than a single project, smart money usually does not put all its eggs in one basket.

Interestingly, during each major restructuring, it is often not the loudest varieties that move first, but rather the new narratives that are undervalued by the market.

The core issue has actually changed now 👇
It's no longer about whether a certain asset goes up or down,
Instead, the next round of incremental funds is really coming; where will it flow?

🤔 Assuming that Japanese household capital starts reallocating, your judgment is:
A: Continue to rotate within the comfort zone of traditional finance.
B: Venture into more independent new territories to seek opportunities?

Let's talk about what you think.