The Bank of Japan is about to raise interest rates, has the Bitcoin market preemptively 'defended'?

Bitcoin has been consolidating around $90,000, seeming calm, but on-chain data shows undercurrents. As the Bank of Japan is likely to raise rates by 25 basis points in December, investors are preemptively digesting potential selling pressure through two major actions: 1️⃣ Funds are flowing out of exchanges in large amounts (reducing the available spot for sale); 2️⃣ Perpetual contract funding rates have turned negative (actively reducing leverage). This indicates that large funds are preparing for a possible 'risk asset shock'.

💡 Key Insight: The market focus has shifted from 'the interest rate hike itself' to 'the yen's movement after the hike'. If the yen strengthens, it could put pressure on Bitcoin; if the market follows a 'sell the rumor, buy the fact' trend, it may become the starting point for a new round of increases. The current fluctuations are a buildup of strength rather than a shift to bearishness.

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