Stop bottom-fishing $BTC for now.

Let me talk to you about something terrifying—a major event that’s been all over the English-speaking community these days but hasn’t caught the attention of the Chinese-speaking community yet: the “invisible foundation” of the global financial system—Japan—is undergoing violent instability.

For the past thirty years, global asset prices (US Treasuries, tech stocks, real estate) have actually been propped up by Japan’s ultra-low interest rates. This is the core logic of Carry Trade: borrowing yen at almost zero cost to buy high-yield assets around the world. Trillions of dollars of “free capital” have flowed out to the rest of the world because of this.

But this month (2025.11), that logic changed.

Japan’s long-term bond yields are hitting multi-decade highs (20-year approaching 2.8%, 40-year near 3.7%). This isn’t a mild rate hike—it’s a spring that’s been compressed for years suddenly snapping back.

What does this mean?

Financing becomes more expensive: borrowing costs are soaring.

Currency risk: if the yen starts to fluctuate, margin pressure will force institutions into passive liquidations.