Over the past twenty years, Wall Street borrowed at Japan's low interest rates to invest in the US, but the Bank of Japan's rate hikes eliminated arbitrage opportunities, forcing institutions to liquidate positions, and liquidity flowed back to Tokyo, with Bitcoin being the first to feel the impact. The Federal Reserve reactivated its easing policy, which, despite short-term shocks, may create upward pressure in the long term. Bitcoin faces a battle between de-leveraging and liquidity injection, and investors should pay attention to price volatility and accumulation opportunities.