The joint Japan-U.S. intervention in the FX market is still being stepped up; the yen is being propped up by force. Expectations for a weaker U.S. dollar are heating up, and risk assets can catch their breath in the near term—but don’t get too excited. Intervention is a band-aid, not a cure; when liquidity dries up, BTC still has to look to U.S. Treasuries for cues. #宏观 $BTC