The wave of rate cuts in 2025 is coming quickly and retreating just as fast. Currently, an unprecedented policy divergence among global central banks is unfolding, directly affecting how you should allocate your ETH, ZEC, DOGE holdings.

Let's first look at the current real situation:

The European Central Bank, Swiss National Bank, and Norwegian Central Bank—these developed countries—have entered a "silent mode" after cutting rates. Deposit rates remain at 2.0%, with a collective attitude of watching and no plans for further rate cuts. The rate-cutting phase has essentially come to an end.

On the Federal Reserve side, there was a symbolic 25 basis point cut at the end of the year, but internal opinions are inconsistent, and the outlook for 2026 is extremely cautious. The UK, Canada, and Australia are also wavering. The rate-cutting camp is beginning to split, and the market has no clear idea of the next move.

The most interesting case is Japan. While the rest of the world is easing monetary policy, the Bank of Japan directly raised interest rates by 25 basis points in December, bringing the rate to 0.75%, a thirty-year high. Governor Ueda said quite plainly: "Inflation has reached the target, and we will continue to raise rates." This breaks the old notion of "Yen forever at zero interest rates."

What does this policy divergence mean?

The US dollar and British pound are likely to remain suppressed by dovish expectations. Meanwhile, the yen and Japanese stocks could become the biggest dark horses in 2026. As for gold and Bitcoin—non-sovereign assets—their long-term logic remains solid.

In this "expectation battle" led by central banks, following the crowd often results in missing out. True opportunities usually appear where consensus breaks down. In 2026, will you follow the Federal Reserve's next signals, bet on Japan's currency appreciation logic, or shift directly to non-sovereign assets? Your choice will determine the ceiling of your returns.