Tonight, the Bank of Japan is about to announce its interest rate decision, with the market generally expecting a rate hike. At the same time, unexpected signals have come from the US—unemployment unexpectedly rose to 4.6%, which has actually sparked a new round of easing expectations. The divergence in policy directions between these two major economies is reshaping the global liquidity landscape.

Looking at the data, US officials continue to send dovish signals, and expectations of two rate cuts next year remain stable, with the market believing there is still ample room for easing. In contrast, Japan's pace is completely different—institutions predict a rate hike every six months, although there are reservations within the government about tightening too early, the upward trend is already clear.

The recent performance of mainstream cryptocurrencies like ETH, ZEC, and BNB actually reflects this broader background. In the short term, policy changes will indeed create volatility; for example, some analysts mention that BTC might face tests around the 80,000 range. But from a longer-term perspective, the overall switch of global liquidity is still in the hands of the Federal Reserve. As long as the US truly initiates an easing cycle next year, funds seeking yield and growth will ultimately flow into high-risk assets, and the crypto market will naturally become one of the targets.

From a different angle, smart participants should now be thinking about how to position themselves in advance. Not only should they pay attention to the trends of mainstream coins, but emerging assets with solid community consensus are also starting to surface. Every time the macro narrative shifts, new hotspots often emerge at this stage.

Will Japan's rate hike ultimately shake the bullish tone of this cycle? This is a question worth deep discussion.