#日本央行加息政策 The Bank of Japan's rate hike has been implemented, with the benchmark interest rate rising to 0.75%, reaching a 30-year high. This directly triggered a wave of liquidation in arbitrage trading. On-chain data confirms the market's chaos—over 160,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $550 million. BTC temporarily fell below $84,456, completely breaking through the $85,000 bullish line.

From a capital perspective, the logic behind this sell-off is clear: arbitrage positions relying on the long-term low-interest leverage of the Japanese yen were forced to close, leading to a rapid deterioration of liquidity. Technically, after losing the $85,000 support, there is a lack of effective short-term support. If the pressure continues, $80,000 will become the next test level.

What is more noteworthy is Ueda and his subsequent statements—although cautious in wording, phrases like "closely monitoring the impact of rate hikes" and "future steps depend on economic and price outlook" imply that the rate hike cycle has just begun. If wage-price transmission continues, there is still room for upward movement. This suggests that in the short term, the yen's appreciation pressure remains, and arbitrage liquidations may continue to impact risk assets.

It is recommended to closely monitor whale wallet accumulation movements within this range—bottoms usually occur during the most panic, and data signals tend to give earlier answers than emotional reactions.