The Bank of Japan's interest rate cut expectations are stirring the entire crypto market. Just look at the performance in recent days—$ZEC, $SHIB, $ETH are all under pressure. Especially Ethereum, which is experiencing a sharp decline; it's really unclear where the bottom is.

The depreciation of the yen usually means arbitrage funds will seek higher-yielding assets, which should theoretically be positive for cryptocurrencies. But the reality is quite stark—short-term market panic has overshadowed all fundamental logic. The uncertainty before the rate cut materializes has investors on the sidelines, and funds are pulling back.

The synchronized decline across multiple cryptocurrencies reflects a shift in overall risk sentiment. As a representative of the ecosystem, Ethereum has experienced a larger adjustment. The key question is, where exactly is the turning point in policy? Will this drop become a mid-term bottom? Or is it just the prelude?

The crucial factor depends on the actual actions of the Bank of Japan. Once policy clarity emerges, market sentiment could quickly reverse.