📉 Today's market has encountered a bit of "increased difficulty" again—$BTC fell, but everyone stay calm, there are a few key reasons behind this:

1️⃣ China continues to keep a close eye on cryptocurrency
This is actually easy to understand, just get used to it, and the short-term impact is controllable.
2️⃣ Japan's interest rate hike + real interest rate rise
The Japanese yen was once the largest low-interest financing pool in the world, providing invisible liquidity for U.S. stocks, AI stocks, and Bitcoin. A rate hike in Japan means an increase in borrowing costs, leading cross-border institutions, quantitative funds, and risk parity strategies to deleverage. As the interest rate differential between the U.S. and Japan narrows, funds will flow back to Japan, and the valuation premium of U.S. assets may shrink.
⚠️ The key point is that Japan's interest rate hikes have just begun, which may continue to exert pressure. However, technology stocks and Bitcoin still have support, and the cost of borrowing in yen has not yet reached alarming levels. If the Federal Reserve cuts interest rates in conjunction, it could provide some buffer.
3️⃣ Bitcoin chips are stable, panic is limited
Today, the investors who bought the dip in the past two days are the ones who have fallen the most, with the most trading around $90,000. Those holding positions above $100,000 remain strong, and there has been no large-scale sell-off, with the chip structure remaining stable.
💡 Summary: Short-term fluctuations + panic belong to phase signals, stable chips + strong core positions mean the overall situation is still controllable. After the Federal Reserve's actions, market confidence may truly be restored.
#btc