The Bank of Japan officially launched a massive asset reduction plan—gradually selling off 8.3 trillion yen worth of ETF positions over a 112-year cycle, averaging about 600 billion yen (roughly $50 billion) annually. This marks the formal transition of Japan's decades-long quantitative easing policy into a tightening phase.

In the short term, the market will feel liquidity tightening pressures, and both US stocks and cryptocurrencies may experience adjustments. But more importantly, this signals a long-term structural change—we are moving from an era of "liquidity-driven pricing" to a new stage of "cash flow + real demand-driven pricing."

This shift impacts different assets in entirely different ways. Mainstream crypto assets have clear value attributes: Bitcoin as digital gold, with global demand for value storage and a consensus foundation; and mainstream platform tokens like Ethereum supporting actual on-chain economic activities. These assets are backed by real business models.

In contrast, many altcoins lack fundamental support—no real income, no use cases, entirely reliant on stories and liquidity. During this transition in valuation logic, such assets are inevitably under continued pressure.

Essentially, this policy shift by the central bank is like a market "shuffle," forcibly reclaiming valuation power from liquidity and returning it to fundamentals. Only projects with real strength will survive.