**🔥🔥🔥 The true 'whales' of the global market are turning, with the eye of the storm hidden in living rooms in Tokyo and conference rooms of the Federal Reserve.**
**🌪️ Core changes: The reversal of two major capital flows**$XRP $ETH
1. **The trillion-yen turnaround of 'Mrs. Watanabe' in Japan**: The decades-long arbitrage strategy of 'borrowing zero-interest yen to buy high-interest U.S. bonds' is collapsing due to the Bank of Japan raising interest rates to 0.75% in December 2025. To repay the rising costs of yen loans, this group controlling vast family assets may be forced to liquidate overseas assets, triggering a capital repatriation of trillions of dollars.
2. **The commencement of the Federal Reserve's 'invisible easing'**: Although the Federal Reserve's stance is cautious, it has officially ended quantitative tightening (QT) and plans to launch the 'Reserve Management Purchase' (RMP) program. This is seen by the market as the beginning of injecting liquidity into the financial system, providing potential macro support for risk assets.
**🚀 Three key paths for the crypto market**
The restructuring of global capital will direct funds toward three main areas:
**• ETH: The value ballast for institutions**
* **Core logic**: Clear legal status (e.g., recognized as legal property in the UK), making it the preferred choice for institutional compliance.
* **Market trend**: Institutional allocations are expanding from solely BTC to include diverse assets like ETH.
**• DOGE: The emotional pioneer in practice**
* **Core logic**: Going beyond the meme narrative, enabling real payments for real estate and luxury goods in places like Japan.
* **Market position**: Occupying nearly 50% of the market value in the meme coin segment, demonstrating absolute dominance and consensus.
**• Meme sector (e.g., SHIB): The volatility container for hot money**
* **Core logic**: As traditional market funds withdraw, high-risk preference capital urgently needs an emotional outlet. Meme coins, with their high volatility and strong community, become the most direct carrier of emotions.
**👇 Key questions**
Do you think this market driven by the **end of East Asian arbitrage trading** and **the shift in liquidity from Europe and the U.S.** is a starting point for a new era or just a brief sprint at the end of the year? Let's discuss your judgment in the comments section.
