#加密生态动态追踪 The Bank of Japan's rate hike has become a foregone conclusion. In the short term, the crypto market will experience some pain—the most direct chain reaction to this rate hike is a wave of position closures in the "yen carry trade." What will be the result? Open interest begins to decline step by step, funding rates turn from positive to negative, and sectors with high β are the first to be hit. Leveraged players retreat, and liquidity temporarily struggles to keep up.

But looking further ahead, it's a different story. Japan's rate hike cannot be simply labeled as negative for the market; instead, it is forcing the market to undergo a "cleansing"—shifting from a fragile prosperity dependent on cheap leverage to an era that truly emphasizes fundamentals and on-chain ecosystem development. This is a signal of the crypto market moving toward maturity. After the short-term sell-off pain has passed, what remains are projects with genuine value support and the reallocation of liquidity. In essence, the market is self-purifying.