Recently, with the way the market is falling, do you feel like something is not quite right?

The price of cryptocurrencies is falling, and various technical analyses have failed; those trying to catch the bottom are being cut down one after another. But the problem is not fundamentally within the crypto circle itself - the real trouble lies across the Pacific.

Over the past thirty years, there has been an invisible driving force behind the global asset surge: Japan's ultra-low interest rate policy. Institutions have been borrowing nearly zero-cost yen like crazy, and then investing it in US stocks, commodities, cryptocurrencies... The entire bull market has been propped up by this "free money."

But now? The faucet suddenly turned off.

# Japan is not raising interest rates, it's flipping the table.

Just take a look at this set of data to understand how serious the situation is:
- 20-year Japanese government bond yield → soared to nearly 2.8%
- 40-year treasury bond yield → Soaring to 3.7%

This is the most severe interest rate reversal in thirty years. It is not a gentle adjustment, but rather a spring that has been suppressed for decades suddenly snapping.

Consequences? The chain reaction has already begun:

**First Wave**: The cost of borrowing yen has skyrocketed, making carry trades unplayable.
**Second wave**: The yen exchange rate fluctuates violently, forcing institutions to close positions to stop losses.
**Third Wave**: Trillions of dollars in funds are withdrawing from global markets, and all assets are synchronously bleeding.

This is what the financial circles call "Carry Trade Unwind" — the collapse of carry trade. The real liquidity crisis begins to spread from this moment.

# Don't think it's just a matter of the crypto world.

Do you think the crypto market is fluctuating? In reality, global assets are collectively retreating.

U.S. stocks fall like a roller coaster, U.S. Treasury yields soar, and cryptocurrencies are "sucked dry" in the process... This is not a minor episode in a specific market, but a liquidity bloodletting that affects the entire globe.

The current performance of the crypto market is not a bear market cycle at all, but rather being directly slammed to the floor by the giant waves of macro finance.

# Is it time to buy the dip? That's gambling with your life.

In the face of such a tightening of liquidity at this level, any technical rebound or support level is just theoretical.

Real experts are currently doing three things:

1. **Stop blindly bottom-fishing** —— Don't use tactical diligence to cover up strategic mistakes
2. **Maintain Sufficient Cash** — When liquidity is exhausted, cash is king.
3. **Be patient and wait for the storm to pass** —— the market will have greater fluctuations.

Before the tide goes out, holding cash is the lifeline. Remember one thing: this is not an opportunity to bottom fish, but the beginning of risk exposure.

When the day comes that liquidity flows back in, a new super market will naturally arrive. But that is not now; it may still take time.