#美SEC代币化股票交易计划 Tokyo sounded, Bitcoin plummeted! 180,000 people liquidated overnight
On December 15, Bitcoin fell from $90,000 to $85,000, a decline of over 5%. In 24 hours, 184,600 people were liquidated, and $600 million evaporated. Strangely, gold remained unchanged, with the culprit pointing directly at the Bank of Japan's interest rate hike to 0.75% on December 19—the highest rate in 30 years.
30 years of arbitrage game collapse
Japan's long-term zero interest rate led global institutions to borrow yen for dollars, purchasing U.S. bonds, stocks, and Bitcoin. This multi-trillion dollar "perpetual motion machine" came to an end due to interest rate hikes. Borrowing costs surged, forcing investors to close positions and repay debts. Bitcoin, with good liquidity and a shallow market, became the preferred asset for selling. History repeats: After the Bank of Japan raised interest rates in August 2024, Bitcoin similarly plummeted.
"Digital gold" persona collapses
Even more brutally, after the approval of the spot ETF, institutions like BlackRock incorporated Bitcoin into their risk asset portfolios. Its correlation with the Nasdaq 100 index now reaches 0.8, while its correlation with gold is negative. Bitcoin is no longer a safe-haven tool but a lever toy of macro policies.
Leverage hell amplifies volatility
Under high leverage, a 10% reverse price movement leads to liquidation. The "pinning" phenomenon instantly pierces the strong liquidation line, triggering a death cycle of "drop—liquidation—further drop."
Future: Every rate hike is a stress test
The Bank of Japan hinted at continued rate hikes, with each monetary policy meeting in 2025 potentially becoming Bitcoin's "day of reckoning." Investors should remember: macro policies dictate everything, leverage is poison, and speculation on virtual currencies is illegal financial activity in China.
That once distinct small circle from traditional finance is now just a code within Wall Street's risk system.
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