#数字资产市场观察 Today's fall is really tough.

But don't rush to blame the regulators or any rumors from the Federal Reserve—the real trigger is in Tokyo. The Bank of Japan has just released signals that it may raise interest rates, and while this seems inconspicuous, it is actually a big landmine.

Why? Because for the past decade, the global market's favorite wool to pull has been the yen. The borrowing cost of yen is ridiculously low, and a lot of funds use this money to buy high-risk assets like $BTC and $ETH. Now the Bank of Japan is tightening? Then the borrowing costs will rise, and the first reaction of these arbitrage funds is to quickly close their positions and run.

Cryptographic assets are the most sensitive to liquidity, so it's respectful to fall first.

This is not a technical adjustment; it is the logic of global liquidity changing. A central bank that has been easing for over a decade is starting to shift, and that is the root of the problem. In the short term, the market will focus on whether the Federal Reserve can hedge, but to be honest, the uncertainty is too great.

So don’t ask me "which altcoin can double" now. During this macro turning point, guessing the rise and fall is like gambling with your life. There is only one core principle: manage your position well and protect your capital. Once the global liquidity is reshuffled, opportunities will naturally emerge.

Don't panic, but don't be reckless either. $ZEC