The big dump in this round of the crypto market is truly heart-stopping. Opening the trading software, the frighteningly green Candlestick charts have caused many people to explode in frustration. The community is filled with wails of "buy the dip and become a shareholder," with many accounts being cut in half.

But to be honest, this time I not only avoided getting caught but actually made a profit. What was my secret? It wasn't any mysticism, but rather understanding the true driving force behind this crash in advance—stop blindly guessing based on technical indicators all day; the key to the rise and fall of cryptocurrency prices has always been in the hands of macro liquidity!

I have to say something heart-wrenching: those brothers who shouted "panic is an opportunity" and rushed into the market, are they really brave or just not afraid of death? Thinking they were getting a bargain, but in reality, they were catching the knives thrown down by institutions, and even with their hands all cut up, they still comfort themselves with "value investing". The crypto market has never been a blind gamble; it is a super microscope of the global economy. If you mess around without understanding the macro logic, not even a deity can save you.

The root of this avalanche is actually buried over there with the yen — you might be wondering: what does Japanese monetary policy have to do with our crypto trading? Listen, this is the core knowledge point for today; understanding it can help you avoid countless pitfalls.

In the past few decades, Japan's absurdly low interest rate environment has been akin to a free ATM for global capital. Various institutions have been playing the same game: borrowing super-low interest yen, converting it into dollars, and then rushing into various high-yield assets to crazily leverage up. The crypto market has also followed this wave of "cheap capital tide"—after all, with cheap money continuously flowing in, how can prices not soar?

But now the problem arises! This faucet that has been open for decades has suddenly been tightened by the Bank of Japan. The recent changes in the 20-year Japanese government bond yield...