The Japanese Finance Minister's signal for yen intervention impacts BTC, short-term leaning bullish, medium to long-term neutral. From a short-term perspective, the intervention signal will suppress the USD/JPY exchange rate, leading to short-term pressure on the USD index, while BTC has a clear short-term negative correlation with the USD index; a weaker dollar will directly enhance the pricing attractiveness of BTC. At the same time, the policy uncertainty in the foreign exchange market will attract some short-term risk-averse funds into BTC, forming buying support. Although some argue that yen carry trade unwinding could trigger selling pressure on BTC, the proportion of BTC in carry trade asset allocation is extremely low, and the actual impact of selling pressure is minimal. Moreover, Japan's intervention is essentially about injecting yen liquidity rather than tightening global liquidity, making the bullish logic dominant. From a medium to long-term perspective, yen exchange rate intervention is a regional, temporary monetary policy operation, which neither changes the core supply-demand logic of BTC halving cycles and institutional holding trends nor affects key variables determining BTC's long-term trend such as the Federal Reserve's monetary policy and the global cryptocurrency regulatory framework. The marginal impact on the market can be ignored, presenting an overall neutral stance.

$BTC $ETH $SOL #美联储回购协议计划 #比特币流动性 #ETH走势分析 #美联储FOMC会议 #加密ETF十月决战