#BTC资金流动性 After the Bank of Japan raised interest rates, the crypto market did not decline but continued to rise—at first glance, this seems quite contradictory, but the underlying logic is worth pondering.

First, the strategy of arbitraging by trading cryptocurrencies with Yen is no longer popular. As interest rates increase, the previously low-cost Yen borrowing for crypto arbitrage opportunities diminishes, and this capital will gradually withdraw. With less leverage in the market, volatility naturally stabilizes, and we no longer see行情 with tenfold or hundredfold swings. Future rises and falls will truly depend on whether the projects themselves have substance.

Second, the differences in strength among various cryptocurrencies are now more immediately apparent. Assets like Bitcoin and Ethereum, which have large market caps, good liquidity, and strong hedging attributes, are truly resilient and cannot be easily pushed down. $BTC $ETH is at this level. However, mid-sized coins like SOL are different; once capital withdraws, the pressure becomes immediately evident, and their risk resistance is clearly insufficient.

Furthermore, this wave of Yen appreciation could be a turning point for Japan’s local crypto deployment. The reduced cost for Japanese people to buy crypto with their local currency, especially for institutions and investors holding compliant licenses, may lead to steady market entry, bringing in new incremental funds.

Overall, during the interest rate hike cycle, the crypto market’s resilience is improving, and speculative space is shrinking. Only assets with solid fundamentals will perform better.