This phenomenon is worth paying attention to. A review of recent data can reveal the clues—since last year, the Bank of Japan has been active frequently. In March 2024, it implemented a rate hike, followed by another in July, and in January this year, it raised rates again. Over these three actions, Bitcoin's decline has never been less than 20%.

The underlying logic is actually not hard to understand. Many people only focus on the Federal Reserve's movements, but forget a key fact: over the past few decades, the liquidity in global capital markets, while mainly sourced from the US, also includes a significant amount from Japan. When the Bank of Japan shifts towards tightening, this portion of liquidity gradually contracts. For the crypto market that relies on incremental capital, the pressure is naturally evident.

In other words, it's not just US money flowing elsewhere; Japan's withdrawal actions also have a profound impact on global asset allocation. The chain reaction caused by this central bank policy adjustment is much more complex than it appears on the surface.