$BTC $ETH $BNB

Why is Bitcoin continuously falling? After the interest rate cut, the market did not rise but fell instead, with BTC retreating to around 85k, Ethereum losing the 3000 mark, and mining stocks generally dropping over 10%. The reasons mainly include three:

1. The impact of the yen interest rate hike on arbitrage positions

The Bank of Japan raised interest rates for the first time in thirty years, forcing global funds that previously borrowed low-cost yen to buy BTC to close their positions, creating selling pressure. If interest rates continue to rise and ETF holdings are reduced in 2026, risk assets may remain under pressure.

2. The uncertain expectations of the Federal Reserve

Although interest rates have been cut, the subsequent path is unclear. If this week's non-farm payroll and CPI data fall short of expectations, it may trigger concerns about policy reversals, exacerbating market volatility.

3. Concentrated on-chain selling pressure

The shutdown of mining operations in Xinjiang led to a sharp decline in computing power, forcing miners to sell to survive. At the same time, OG holders are accelerating their exit, with ETFs experiencing significant capital outflows in a single day, further suppressing prices.

In the short term, pay attention to the strength of the 85k support level. If Japanese policy turns mild or US data improves, a rebound may occur; otherwise, it may drop to 80k. The market's long-short game is intense, so remain cautious and patiently wait for clarity in direction. #美国非农数据超预期 #巨鲸动向 #加密市场观察 #美SEC推动加密创新监管 #BNBChain生态代币普涨