In the past 30 years, Japan has exported nearly $20 trillion in ultra-cheap funds (yen carry trade) to the world at nearly zero interest rates, which is the greatest hidden force supporting the global asset bubble (stocks, bonds, real estate, cryptocurrencies, etc.). This era will end in December 2025: Japan's 10-year government bond yield rises to 1.86% (the highest since 2008)

The probability of a rate hike by the Bank of Japan in December is 76%

Large-scale unwinding of the yen carry trade begins (the reversal of 20 trillion scale)

Bitcoin is not "digital gold" but the biggest leveraged beneficiary of the yen carry trade, plunging simultaneously with the appreciation of the yen (97k→86k, with over $600 million liquidated)

The small rate hike in August 2024 has evaporated $500 billion in global market value, but December 2025 is the main shock $BTC $ETH $SOL #币安区块链周 #ETH巨鲸增持 #美联储重启降息步伐