It's been a long time since I've seen a professional expert share their views.

It's starting now, please stop bottom fishing $BTC .

Let's talk about a scary thing​ that hasn't yet registered in the Chinese community but has been dominating discussions in the English-speaking world these past few days: the 'invisible foundation' of the global financial system—Japan—is shaking violently.

For the past thirty years, global asset prices (U.S. bonds, tech stocks, real estate) have actually been supported by Japan's ultra-low interest rates. This is the underlying logic of the Carry Trade: borrowing nearly zero-cost yen to buy high-yield assets around the world. Trillions of dollars of 'free funds' have flowed to the entire world in this way.

But this month (2025.11), this logic has changed.
The yield on Japanese long-term bonds is hitting decades-high levels (20-year nearing 2.8%, 40-year close to 3.7%). This is not a gentle rate hike, but a spring that has suddenly sprung after being suppressed for years.

What does this mean?

Financing becomes expensive: borrowing costs soar.
Exchange rate risk: if the yen fluctuates, margin pressure will force institutions to close positions passively.

The unwinding of the Carry Trade is not a theory, but a trillion-dollar reverse flow that is happening. In favorable winds, Japan's liquidity nourishes the world; in adverse winds, global liquidity is withdrawn.

In the face of this macro tidal wave, looking at the recent fluctuations in the cryptocurrency market, it really feels like the crypto market is too small.

The world assumed Japan would remain still, but now, it has truly started to move.