#数字资产市场洞察 $ETH look at the recent market movements. The Bank of Japan raised interest rates to 0.75%, an increase of 0.25 percentage points. Logically, the yen should appreciate. But what happened? It actually depreciated.

Initially, the market was speculating whether the yen's appreciation would trigger a large-scale liquidation of arbitrage positions. But nothing happened. What does this indicate? This small rate hike cannot fundamentally shake the existence of arbitrage trading; the global liquidity game is still ongoing.

This is a double-edged sword. The continued weakness of the yen means arbitrage is still happening, but the key to this entire game lies with the Federal Reserve— as long as the Fed does not tighten, the game continues. Once tightening begins, the situation will reverse.

The real risk point is how dependent U.S. stocks, especially tech stocks, are on liquidity. The Nasdaq will be the first to bear the brunt. At that point, tax cuts and fiscal stimulus measures will come into question.

$BTC has been fluctuating back and forth these days, with bulls and bears pulling in opposite directions. The key moments often occur amid this uncertainty. How will the market move in the future? It still depends on closely monitoring changes in liquidity.