Last night's big dump, and many people are still looking for technical reasons in Candlestick patterns? Wake up, the real trigger is across the Pacific — the statement from the Governor of the Bank of Japan, Kazuo Ueda, "If the data allows, we will continue to raise interest rates," has directly pushed down the first domino in the global carry trade.

Let's start with a harsh reality: the best strategy in the crypto market over the past few years is essentially to borrow money in yen to gamble on coin prices. Why? Because the yen interest rate is shockingly low, below 0.5%, borrowing money is almost like getting it for free. The operating path is simple and brutal—borrow yen, exchange for dollars, and go all in on BTC or ETH with 10x leverage. When the market is good, this is like a money printer.

But yesterday, when Ueda made this statement, the rules of the game were instantly rewritten. The yen soared from 156 to 152; what does this mean? The money borrowed suddenly became more expensive! All players who borrowed in yen for carry trade had to urgently cut losses: sell coins, sell stocks, exchange back to yen to pay off debts. The higher the leverage, the harsher the selling; the heavier the positions, the more devastating the explosion. Within 24 hours, the entire market collapsed like a domino effect, and the crypto market, being the most leveraged and sensitive to liquidity, naturally took the hardest hit.

The key now is whether the yen can hold the defense line of 150-152. If it holds, the panic sentiment may temporarily cool down; if it breaks and continues to rise, then prepare to welcome the second round of cleansing. To put it bluntly, once the Central Bank of Japan tightens the liquidity faucet, those high-leverage players in the crypto circle will have to lie flat first.

In the short term, the market's panic sentiment may continue to ferment. At this time, rather than blindly bottom-fishing or chasing the drop, it is better to wait and see until the market sentiment stabilizes. After all, this wave is not a technical collapse, but a rewriting of the game rules of macro liquidity.