#日元# The Japanese yen against the US dollar has fallen to its lowest level since 1986. The US-Japan interest-rate differential remains huge, and funds are still continuously flowing into US dollar assets.

In the past few years, a large amount of low-cost global funding has come from Japan. As the yen keeps depreciating, Japanese capital is more inclined to allocate money to higher-yield assets such as the US dollar, US Treasuries, and US stocks, rather than keeping it at home.

For the crypto market, this is essentially a double-edged sword.

On the one hand, global liquidity remains abundant, which is beneficial for risk assets over the long term.

On the other hand, as long as the US dollar continues to stay strong, capital may not necessarily flow into BTC and altcoins first.

What truly determines the next round of the crypto market is not just the Federal Reserve, but when global capital starts increasing its allocation share toward risk assets again.

So many recent pieces of news that seem unrelated are actually reflecting the same thing:

BlackRock keeps ramping up its crypto business;
the ETF options position limit has been raised;
the yen continues to weaken.

All of them point to the same message: global capital is adjusting its allocation direction again.

In the future, what is truly worth watching is not who keeps shouting that a bull market is coming, but when global liquidity starts genuinely flowing into the crypto market. #夏日创作营