#数字资产市场洞察 The global market has really been bleeding these days. But if we talk about where the real variables lie, I think the answer may be hidden in the household accounts of Japanese housewives.

Those retail investors in Japan who made their fortune by "borrowing yen to buy U.S. Treasuries" (referred to as "Mrs. Watanabe" in the industry) are holding nearly $14 trillion in assets. The problem is that the premise of this strategy—low Japanese interest rates and high U.S. Treasury yields—is starting to reverse. The Bank of Japan is about to raise interest rates, and the Federal Reserve is also considering cutting rates, causing the entire arbitrage logic to collapse. To pay off debts, these individuals may be forced to sell off trillions in U.S. stocks and Treasuries. If such a scale of selling actually occurs, Wall Street would tremble for several days.

At the same time, another uncertainty is amplifying. The internal struggle within the Trump administration over the leadership of the Federal Reserve is heating up. The radicals advocate for significant interest rate cuts to stimulate the economy, while the moderates lean towards maintaining a tight stance. Who ultimately sits in the position of Federal Reserve Chairman directly determines whether global liquidity is loose or tight. Don't be fooled by the fact that U.S. debt is "only" $38 trillion; the interest cost is over $2 million per minute. Under such debt pressure, cutting interest rates is less about economic policy and more about a political gamble.

If these two forces collide, the traditional financial market will inevitably experience violent fluctuations. Smart money is already looking for exits. The laws of history are clear: whenever major uncertainties arise, capital begins to reassess various assets. Bitcoin, as "digital gold", Ethereum as on-chain infrastructure, and those cyclically volatile MEME assets — the shift in consensus often occurs at these critical moments.

In the calm before the storm, will you continue to cling to traditional safe-haven assets that may carry risks, or will you try to understand the new asset classes supported by code logic? What do you think, where will this wave of capital migration ultimately push the market?