#鲍威尔讲话 buy the dip $BTC? Let's wait a moment, there is something that must be clarified.

The English community has been in an uproar these days, but it seems that the Chinese circles have not yet realized the seriousness – the invisible pillar behind global asset prices is showing cracks. That pillar is: Japan.

In the past thirty years, why have global asset increases been so exaggerated? It’s not because the U.S. economy is so strong, but because Japan has been continuously injecting "nearly zero-cost funds" into the market. This method is called carry trade (Carry Trade):
• Borrow yen at almost no cost interest rates
• Resell and buy various high-yield assets globally — U.S. Treasuries, tech stocks, real estate, and even BTC.

This trillion-level fund flow composed of cheap yen is the true engine of the global bull market.

But starting from November this year, the rules of the game have changed.

Japan's long-term government bond yields are drawing a steep curve not seen for decades: the yield on 20-year bonds is approaching 2.8%, while the 40-year yield is surging towards 3.7%. This is not a conventional interest rate adjustment; it is the sudden rebound of a spring that has been suppressed for thirty years.

What consequences will this bring?

**First of all, the cost of financing is no longer friendly.**
The cost of borrowing yen has surged, and the profit margin for carry trades has directly vanished.

**Secondly, exchange rate fluctuations increase risks.**
The yen is no longer stable, and global institutions are starting to face margin call pressures. The result is forced liquidation, having to withdraw funds from various markets.

**The most critical point is that carry trades are experiencing a "reverse explosion".**
The reverse flow of Carry Trade ( Unwind ) is not a theoretical deduction, but a trillion-dollar pullback that is currently taking place.
In the era of favorable winds, Japan's loose policies nourish the global market;
When the headwind arrives, global liquidity is instantly drained.

Looking at the recent trend of $BTC over the past few days, you will find:
All narratives and technical analyses within the crypto market seem too small in the face of this macro tide.

The market has been betting that "Japan will not change".
But now, it has really changed — and it's the kind of change that shakes the foundation.