While the market is still fluctuating on the news of the Bank of Japan's rate hike, on-chain data tells a different story — large investors are quietly positioning themselves in stablecoins, seemingly ahead of the upcoming script.

This round of rate hikes isn't as simple as it seems. On the surface, the 0.25% increase indeed triggered a chain reaction of yen arbitrage trades, but those familiar with the market know this is just the opening act. The key point is that the market should focus on the movement of the Japanese 10-year government bond yield (JP10Y) — this string is tightening more and more, like a spring pushed to its limit, ready to rebound at any moment.

The truly interesting part is the next move by the central bank. Officially, they aim to tighten, but behind the scenes, they might restart or fine-tune the Yield Curve Control (YCC) mechanism. The logic is simple: for Japan, burdened with heavy debt, losing control of long-term interest rates would be disastrous. Once JP10Y hits the warning line, the central bank is likely to stabilize the situation through tools like government bond purchases.

This is why on-chain whales are quietly increasing their holdings of stablecoins. When central bank policies swing between "tightening" and "steady growth," the safe-haven properties of stablecoins become especially valuable. The market's standard script is negative news landing, short-term rebounds, and oscillating adjustments, but the real opportunities are often hidden behind these fluctuations. Those who are prepared in advance have already secured a more advantageous position.