#数字货币市场回升 At 8 a.m. today, the market witnessed a liquidation tragedy worth tens of millions of dollars. A well-known investor, Brother Maji, faced a violent Close Position of nearly 10,000 ETH long positions, with about 4,500 ETH evaporating instantly, and the account balance plummeting from tens of millions to only $210,000. This is not his first time encountering a disaster—since November, he has faced multiple liquidations, with the liquidation line currently only 15 dollars apart. If there is another wave of fall, completely exiting is just a matter of time.

The bloodbath within this hour is not an isolated incident. BTC plummeted over 5% in a single day, and the altcoin sector collapsed collectively. On the surface, it seems to be triggered by rumors of "Powell's resignation" causing panic, but the real catalyst comes from across the Pacific — the Bank of Japan has turned to a tightening policy for the first time in 17 years, officially closing the world's largest pool of low-interest leveraged funds.

This is very much like a chain liquidation. Over the past few years, institutional investors have taken advantage of the zero-cost borrowing in yen to heavily allocate BTC, U.S. Treasuries, and tech stocks. Now, with inflation in Japan out of control and bond yields soaring to a new high since 2008, the arbitrage opportunities have vanished. To repay their yen liabilities, institutions are forced to sell the most liquid assets - the cryptocurrency market has become the first sacrifice.

The market still hopes for a rate cut by the Federal Reserve in December to save the situation, but ignores the established fact that Japan's tightening policy cannot be reversed. A global deleveraging wave is forming, and crypto assets are always the first domino to fall. Brother Majie’s liquidation? This is just the prologue.

Who will be targeted in the next round of liquidation? Large holders, miners, or those "trading masters" who rely on high leverage?