#以太坊行情技术解读 The Bank of Japan recently signaled a new round of interest rate hikes, which will impact the cryptocurrency market from multiple directions simultaneously—initially as pressure in the short term, but with noticeable structural differentiation upon closer inspection.

First, let's talk about the capital aspect. Once the rate hike is implemented, yields on yen assets will rise. Yen funds previously used for arbitrage in the crypto market are likely to shift into domestic Japanese bonds and deposits. This results in a direct reduction of incremental funds for the crypto market, with small-cap coins being affected most obviously—liquidity dries up suddenly.

Next, regarding market sentiment. An interest rate hike essentially tightens monetary policy, leading the market to naturally interpret this as a sign of "global liquidity tightening." As a high-risk asset, cryptocurrencies will face short-term selling pressure, with investors tending to switch to lower-risk assets. However, there is a variable—if the market perceives the rate hike as a sign of "Japan's economic recovery," risk appetite may recover. In this scenario, mainstream coins like Bitcoin can hold up better, while niche coins may only be harvested by the chives.

The dimension of yen valuation is often overlooked. Interest rate hikes will lead to yen appreciation. Even if the cryptocurrency’s USD price remains unchanged, its price in yen will drop directly after conversion. For local Japanese investors, this is equivalent to passive loss. This can trigger a chain of sell-offs on yen trading pairs, significantly increasing volatility.

Finally, there are adjustments at the institutional level. Local Japanese exchanges and asset management firms will face rising financing costs. The expansion of derivatives and wealth management products will likely slow down. But in the long term, if the rate hikes lead to a more regulated and mature Japanese financial market, compliant crypto products could attract more institutional funds. This is actually an opportunity for the compliant track.