#美国就业数据表现强劲超出预期 Japan's 30-year cheap financing model has been completely reversed, and this chain reaction could rewrite the entire narrative of the crypto ecosystem.

**How the arbitrage golden era operated**

For thirty years, Japan's zero interest rate policy turned the yen into the world's cheapest financing currency. What does this mean? It means funds could borrow yen at extremely low costs, then exchange it for dollars to invest in US stocks, US bonds, Bitcoin, and other assets. This cycle has played out for decades, with each wave of crypto market activity driven by tens of trillions of dollars in arbitrage capital lurking in the shadows. Borrowing costs are near zero, but returns are substantial — a perfect arbitrage game.

**This week's rule change**

The Bank of Japan has launched its most aggressive rate hike in 30 years. This is not just a numerical change but an earthquake in the entire liquidity landscape.

What will the chain reaction look like? First, borrowing yen is no longer cheap — costs have surged significantly, squeezing the previous arbitrage opportunities out of existence. Second, arbitrage positions worth trillions are forced to be liquidated, as funds must flow back into the yen market to repay debts, which means selling off crypto assets like Bitcoin and Ethereum. Third, the market faces an unprecedented wave of selling pressure, with panic already building.

This is not just ordinary rate hike news — it’s a structural shift in the global liquidity supply. The era of cheap money is truly over.

**Watch for these signals**

Will volatility suddenly spike? Can Bitcoin move independently of the US stock market, or will it be forced to decline in tandem? Is your risk tolerance sufficient? Can the technical support levels of mainstream coins hold? Will the market see a flight to stablecoins for safety? These details will reveal the true market situation.

**Opportunity or crisis?**

The old liquidity door is closing, and the crypto market needs to prove it can grow independently, rather than always relying on global liquidity flows. Some see risk; others are already positioning themselves amid the volatility. The future of $ETH movement depends on how the market digests this liquidity upheaval.

Panic exit or contrarian move? The choice is yours.