The biggest thunder at the end of the year may have already been buried.

The storyline is very clear: the Sino-Japanese trade friction has escalated, tourists have stopped coming, and with the seafood ban in place, the yen has directly collapsed. What is the result? Japan's inflation data for November soared to 3.0%, and the Bank of Japan's Governor Kazuo Ueda immediately adopted a hawkish stance. Now, the market has priced in a 76% probability of a rate hike in December.

The question arises - what will happen to the $1 trillion scale of yen arbitrage trading? Once Japan truly raises interest rates, the funds that borrowed yen to buy US Treasury bonds, speculate on US stocks, and invest in cryptocurrencies will be forced to liquidate instantly. Liquidity? Frozen directly. More than 90% of those leveraged longs in the US stock and crypto markets will be harvested in this wave of reverse liquidation.

The timing is even more subtle. The Federal Reserve's interest rate cut in December is likely to be the last move in 2025. After that, entering a policy vacuum period until February next year, the dollar bears will be the most comfortable.

As for the small moves against the crypto industry domestically? They are simply not on the same level in the face of such a combination of punches from the central bank.

In a nutshell: The short selling window has opened since December. There is plenty of profit space above, and bulls, your liquidation notices may be on the way.