What is the essence of this round of pullback? Japan has released signals for interest rate hikes, causing global liquidity to tighten instantly. Hot money fears interest rate inversion the most, and the first reaction is to sell risk assets for dollars to seek safety. The crypto world, as a high fluctuation category, naturally bears the brunt.

The market is now in a wait-and-see period, with everyone waiting for the results of the policy game in December—whether the Federal Reserve will really restart the easing cycle, and whether the Bank of Japan can withstand the pressure and continue its hawkish stance. Until these macro variables are settled, large capital will not easily enter the market. In the short term, patience is more important than action.