The market reaction following the Bank of Japan's rate hike landing is worth paying attention to. From on-chain fund flows, such policy events often trigger short-term emotional fluctuations, but the long-term logic needs to be evaluated separately.

Key signals include: first, in a negative real interest rate environment, the pressure on traditional assets is already a fact; second, the level of market participants' bullish consensus—judging by the density of calls from Eugene, Banmu Xia, and Garrett Jin, sentiment is indeed warming; third, the setting of resistance levels—whether the breakthrough of the $98,600-$107,000 range is achieved is more valuable as a reference than simple price predictions.

But it’s important to remain calm—being overly bullish may itself be a risk signal. Whale movements are a more reliable basis for judgment—look at the real accumulation behavior of large addresses during this rebound, rather than just listening to traders' calls. The yen depreciation expectation indeed exists, but deriving Bitcoin's trend from figures like $1 million clearly exceeds the reasonable scope of on-chain data analysis.

Currently, a more practical approach is to focus on whether the short-term target of $106,000 can be effectively broken through, and to simultaneously track changes in futures open interest and the scale of outflows from exchanges. These factors can truly reflect the attitudes of actual market participants.