🔎Institutional Takeaway & Forward View

✅ What actually happened:

1️⃣ BoJ bond turmoil + rate-hike expectations → yen carry unwind
2️⃣ Global risk-off → BTC sells off with tech and high-beta assets
3️⃣ Over-levered derivatives market → $1B+ forced liquidations
4️⃣ Political & regulatory noise → higher perceived risk premium
🚦 What to watch next:
5️⃣ Japanese bond yields & BoJ meeting in mid-December
6️⃣ Global liquidity indicators (dollar index, real yields, credit spreads)
7️⃣ ETF flows and on-chain behaviour of long-term BTC holders
8️⃣ Any new regulatory or security shock (stablecoins, exchanges, RWAs)

For serious investors, the lesson is clear:

Crypto is now a macro-sensitive, liquidity-driven asset class.
Crashes are born in bond markets and funding desks — not on crypto Twitter.