The Bank of Japan announced earlier that it would raise its benchmark interest rate to 0.75%, reaching the highest level in nearly 30 years. This decision marks a significant shift in Japan's monetary policy stance and has sparked a new round of market considerations regarding the tightening of global liquidity. As the major central banks' interest rate policies evolve, the appreciation of the JPY is expected to strengthen, which will have a chain reaction on the flow and trading risk appetite of dollar-denominated crypto assets. From a macro asset allocation perspective, the interest rate hike cycle often reshapes the attractiveness of different asset classes, requiring close attention to its actual impact on crypto market liquidity and investor strategy adjustments.