Morning coffee in hand? Good. Because today, something is stirring beneath the surface of the global markets.

Japan’s bond yields are creeping upward. At the same time, the Bank of Japan is giving signals that are making traders sweat a little more—a rate hike might be on the way. Sounds boring? Hardly.

Behind the scenes, the Japanese yen has for years been the engine of a massive carry trade. Cheap yen loans, invested in everything from stocks to crypto and other risk assets. It’s worked. Until now, maybe.

If the BoJ really hits the brakes and ends decades of ultra-loose monetary policy, the whole structure could collapse faster than anyone can sell. And when carry trades unwind? Then comes turbulence. Bitcoin and the rest of the crypto market are getting ready.

We find ourselves at one of those quiet turning points—where nothing happens, until everything happens all at once.