#比特币波动性 **[This Wave of Decline: The Real Problem Isn’t on the Chart]**

BTC has been diving again lately. Are you getting ready to go all in and buy the dip? Hold on a second.

There’s something going viral in overseas English-speaking communities these days—the “invisible foundation” of the global financial market is starting to crack. And barely anyone in the Chinese crypto space has realized how serious this is.

**Thirty Years of Free Lunch Are Being Taken Away**

For all these years—U.S. stocks rising, U.S. bonds favored, BTC soaring—what do you think has been driving it? The Fed printing money? That’s just on the surface. The real underlying lifeline has been Japan’s silent “money printer”—the zero interest rate policy.

Here’s how global money works: borrow almost zero-cost yen from Japan, convert it to USD, then pour it into U.S. stocks, real estate, crypto... This is the global carry trade. Trillions of dollars have been taking advantage of this for thirty years.

**But in November 2025, the Rules Change**

Japan’s long-term government bond yields have suddenly shot up: the 20-year is nearing 2.8%, and the 40-year has jumped to 3.7%. This isn’t some technical adjustment—it’s the interest rate spring that’s been compressed for thirty years finally snapping.

What does this mean?
Borrowing yen is no longer free. With even slight exchange rate moves, highly leveraged positions will get wiped out. Carry trades aren’t “about to collapse”—they’re already collapsing. Trillions are flowing back to Japan.

**When Liquidity Recedes, You See Who’s Swimming Naked**

In bull markets, Japan is like a massive liquidity faucet, constantly pumping money into global markets. But when the tide reverses, it becomes a black hole draining every pool dry.

Crypto folks are still busy analyzing breakout levels and support lines? Against a macro-level tsunami like this, those technical indicators don’t even make a ripple.

**So—Still Want to Buy the Dip?**
You think you’re buying the dip, but someone else might be pulling the ladder out from under you.