At 8 AM, a well-known KOL's 9368 Ether long order was directly blown up, and the account instantly evaporated 4500 ETH, leaving a pitiful account balance of only $210,000. Even more ruthless, this guy has already been liquidated over a hundred times in November, and now he's just $15 away from the liquidation line—if another bearish belt hold comes, it's Game Over.

The entire market is bleeding today. Bitcoin plummeted over 5% in just one hour, and altcoins are collectively crashing. On the surface, it seems like the fake news of "Powell's resignation" is causing chaos, but the real ticking time bomb is actually hidden in Tokyo—Japan's central bank is tightening its monetary policy for the first time in 17 years.

How serious is this matter? In recent years, global institutions have been taking advantage of Japan: borrowing yen at zero cost and then wildly buying Bitcoin, US Treasuries, and tech stocks. This play is called "arbitrage trading", which essentially means using Japan's free leverage to earn money worldwide. But now, Japan's inflation has completely spiraled out of control, and bond yields have soared to the highest point since the 2008 financial crisis, changing the rules of the game.

Institutions can only sell their most liquid assets overnight to repay yen. Bitcoin is the first to be impacted—after all, it trades 24 hours a day, making it the easiest to dump. It's like a chain liquidation in DeFi protocols, one link leads to another, and it can't be stopped.

The market is still hoping for the Federal Reserve to cut interest rates in December to save the situation, but Japan has already made it clear that it will tighten. In the wave of global deleveraging, cryptocurrencies are always the first domino to fall. That KOL's liquidation is probably just an appetizer.

Who will be the next to be liquidated?