A 31-year high in Japanese rates matters to crypto for one reason: the yen has been the world's cheap funding currency. When that funding gets more expensive, leveraged positions everywhere get re-priced — not only Japanese ones.

The 2024 carry unwind is the template. It didn't start in crypto and it hit crypto anyway.

So watch the currency, not the headline. A fast move in the yen is what transmits; a slow grind mostly doesn't.

Does a stronger yen still drag risk assets the way it did last cycle? #BOJRaisesRatesTo31YearHigh