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牧羊少年
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牧羊少年

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The JPY carry trade era is over—can liquidity restructuring ignite the next crypto bull run?
A recap of Arthur Hayes's position-taking logic and reference guidance for current allocation.

Written by Arthur Hayes, former co-founder of BitMEX

Compiled by Saoirse, Foresight News

In early March 2011, my mind was still running wild: what costume should I wear for this year's seven-a-side rugby tournament? After attending several events back to back, could my body handle the Taiwan Spring Scream Music Festival?

My thoughts snapped back to reality. At the time, I was seated at my desk in the Hong Kong International Finance Centre building for Deutsche Bank, responsible for market making for multiple MSCI Japan ETFs listed on both the HKEX and the SGX. Suddenly, someone in the trading floor shouted that a massive earthquake had struck Japan. Every TV in the office immediately switched to a live broadcast from the Tokyo branch—buildings violently shaking on screen. Then we switched to the news channel and watched firsthand as the tsunami swept across Japan's northeastern coast. The scene was shocking. Worse still, the Fukushima nuclear power plant caught fire. Only afterward did we learn that radiation had at one point nearly forced the entire city of Tokyo to evacuate.
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