#Gate广场四月发帖挑战 The dovish signals from the Bank of Japan (BOJ) indeed provide a "liquidity breeding ground" for the current crypto market, but this "safety net" is extremely fragile. The April 28th policy meeting is a huge "black swan" risk point; once it shifts hawkish, it could replay the intense deleveraging seen in August last year.
1. Dovish shield: The "liquidity dividend" of a cheap yen
The current upward logic is built on the continued "yen carry trade."
Mechanism: BOJ maintains low interest rates → global funds borrow cheap yen → exchange for dollars to buy risk assets like BTC/stocks.