Many people become afraid when they see the central bank raise interest rates, but in fact, what the market truly fears is not the tightening itself, but that uncertainty. Think about it, volatility can sometimes create opportunities.

Taking the recent actions of the Bank of Japan as an example, on the surface it appears to be policy tightening, but in reality, it has brought clarity to the global capital markets—which is a good thing. Why? Because everyone was guessing what the central bank would do before, and now that the policy direction is clear, it can actually help release some anxiety.

An interesting phenomenon: speculators currently hold bullish positions on the Japanese Yen, indicating that their reaction to the central bank's decision won't be so aggressive. Plus, Japanese government bond yields have been climbing all year, with both long- and short-term yields reaching multi-decade highs. The official interest rate is now catching up with market trends rather than leading them. This means the likelihood of risk aversion at the end of the year is relatively low.

Historical data shows that Bitcoin often enters a new growth cycle after experiencing policy pressure. As the policy environment is gradually becoming clearer, this could very well be that turning point.