The market has already priced in the rate hike by the Bank of Japan. Where are we now? Watching to see if Bitcoin can establish a foothold at the 80,000 level. If it can withstand these obvious negative factors, it shows that the bulls really have confidence; but if it breaks, capital risk appetite may collectively retreat, and in the short term, it will be a period of correction.

Both technical and sentiment indicators are at a crossroads. Retail investors have already been shaken out, and the remaining game depends on how big capital chooses—whether to buy the dip or stay on the sidelines.

Here's an interesting question: if institutions really move in, will they directly pour money into highly volatile spot trading, or will they look for more stable ways to participate? Recently, many people have asked me what I think about those "institution-grade" DeFi projects. Some believe this is real innovation, while others think it's just high-end manipulation. I took a close look, and the matter is indeed not as simple as it appears.

Earning interest on BTC sounds straightforward, but the mechanisms can be complex. Protocols like Lorenzo do more than just let Bitcoin earn interest. What they are really doing is unlocking BTC liquidity, enabling it to safely grow across multiple chains, in a fully verifiable manner, while users retain absolute control over their assets. This is entirely different from directly buying stock in a company that holds BTC.

Buying shares of a leading tech company is a bet on its stock price movement, which is fundamentally traditional investment logic; participating via DeFi protocols means making Bitcoin itself an interest-earning asset within the blockchain ecosystem—offering returns without giving up control of the assets. For institutions, this approach is attractive not only because of the yield but also because of its manageable risk profile.