#数字资产行情上升 Recently, I discovered an interesting phenomenon— the 90-day correlation between Bitcoin and the Japanese Yen has exceeded 0.86. In other words, 73% of $BTC price fluctuations can be explained by the Yen's movements. At first glance, this number doesn't seem too eye-catching, but upon closer thought, it’s quite mind-boggling.

What was the original intention of buying Bitcoin? To hedge against fiat currency devaluation, right? But now, BTC is almost moving in sync with the Yen, which significantly diminishes its safe-haven attribute. Where does the problem lie? Japanese investors indeed have a substantial presence in the crypto market. Coupled with the strengthening linkage of global macro liquidity, these two forces colliding create this "same frequency" situation.

Digging deeper, the Bank of Japan is still maintaining an accommodative policy, and the probability of the Yen continuing to weaken is quite high. Under these circumstances, $BTC may face additional downward pressure—after all, a drying up of market liquidity often squeezes both crypto and fiat markets simultaneously.

This reflects a trend: cryptocurrencies are gradually integrating into the traditional financial system, and the aura of being an "independent safe-haven asset" is fading. Investors who want to seize the opportunity must keep a close eye on the forex market, especially every fluctuation in the USD/JPY exchange rate. This might be a better early indicator of market sentiment than simply analyzing on-chain data.