Recently, there's a phenomenon worth pondering: looking back over the past year, every time the Japanese Central Bank raises interest rates, Bitcoin's performance has been quite miserable. In March 2024, it dropped 23%; in July, another 26%; and in January this year, it plummeted by 31%. The numbers are right here, suggesting there might be some hidden pattern at play.

Many people are only now realizing—that the true "money printer" of the global financial system in recent years isn't the Federal Reserve, but rather the Japanese Central Bank quietly supplying liquidity. Zero interest rates combined with unlimited easing have made Japan the main source of cheap capital worldwide. Now, as this liquidity faucet is gradually tightening, each rate hike feels like a blood transfusion to the global markets, with highly liquidity-sensitive assets like Bitcoin bearing the brunt.

The question is: if Japan continues to hike rates as a fixed course, and global liquidity keeps shrinking, will Bitcoin fall into a fourth crisis? The market has already started to panic, but what truly requires deeper thought is something more profound.

When the tide recedes, which assets can truly withstand the test? Instead of blindly predicting price rises or falls, it’s better to examine how resilient the assets' mechanisms are. That’s why recently, more and more people are turning their attention to decentralized stablecoins like USDD. They are frequently mentioned amid the global rate hike storm—and not without reason. The key question is: what allows them to remain stable during liquidity crunches? The underlying anti-fragile logic involved might be more worth understanding than mere price predictions.