Over the past 24 hours, two seemingly unrelated major news events have effectively changed the logic of global capital. Those who are well attuned to the market should feel that the cryptocurrency market is at a critical turning point.

Let's start with actions in the USA. President Trump recently publicly stated that "there is virtually no inflation at the moment." This news shattered expectations of long-term inflation. The message is very clear — interest rate cuts could happen sooner than expected, and with greater potential. At the same time, he is actively communicating with Federal Reserve Chair Powell, rushing to determine the candidate for the next Fed chair. If the new leader leans toward a dovish monetary policy, combined with the official stance of "absence of inflation," then a dovish monetary policy is likely to remain, which is one of the key drivers of growth in crypto assets.

On the other hand, the Bank of Japan made a historic move — raising the interest rate by 25 basis points, setting a new high for the last 30 years. This is not just a policy adjustment but an official end to a more than decade-long ultra-accommodative cycle.

What does this mean? In the long term, the yen has served as a "source of low rates" for international capital, and global arbitrage operations ( often called Carry Trade ) were built on the cheapness of the yen. Now, this source is beginning to diminish, and arbitrage funds worth trillions of dollars are facing pressure. Where will this money go? Into the risky and volatile cryptocurrency market, which could become a new destination for some capital seeking high returns.

One side expects the resumption of dovish policies and liquidity in the USA, while the other involves tightening policies in Japan, which is changing the old structure of international finance. These forces are colliding, and cryptocurrencies like Bitcoin and Ethereum are at the center of this storm.

Market discussions are also gradually shifting. Previously, everyone was watching the halving and spot ETFs, but now the focus has shifted to changes in the policies of global central banks and the redistribution of large capitals.

The main question: what will happen when eastern central banks start tightening policies, and western ones ease? Will Bitcoin play the role of a "digital safe-haven asset" to protect against risks, or will it be perceived as a high-risk, volatile speculative instrument? The answer will likely become clearer with each new wave of the market.