#比特币波动性 The global capital markets are undergoing a secret liquidity drain. This time, however, the switch isn’t being triggered by the Fed, but by the neighbor that has been overlooked for thirty years—Japan.

For decades, near-zero-cost yen has served as a “free ammo depot” for global institutions. Borrow yen, buy US Treasuries, tech stocks, cryptocurrencies... Trillions of dollars have flowed like water to every corner. But now the game has changed: Japan’s long-term government bond yields have suddenly soared to multi-decade highs. Money is no longer cheap, and capital is starting to flow back.

This isn’t just about Japan. When the global liquidity tap starts to tighten, every asset that relies on leverage needs to brace for impact.

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There’s a mathematical game hidden in $BTC ’s crash

On the surface, the recent flash crash looked like a price collapse, but at its core, it was a chain of leverage breaking down.

Someone did the math: $200 million in real selling pressure ultimately triggered over $2 billion in forced liquidations. In other words, for every $1 of actual outflow, $10 worth of leveraged bubble was wiped out. It’s not that the market lacks confidence; the structure is just too fragile.

But there are also calm voices. The CME futures gap has been filled, and a major exchange’s liquidation heatmap shows almost no leveraged longs piled up below $85,000. Extreme sell-offs like these often become the “capitulation candle” in the middle of a bull market—the steepest drop is actually the emotional bottom.

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$ETH is being pulled by both sentiment and technicals

From $2,900 all the way down through $2,660, many couldn’t hold on and chose to stop out and exit. Yet technical indicators have already entered extremely oversold territory: MACD is deeply negative, and RSI has dropped below 24.

Some traders have set buy orders around $2,640. Their logic is simple: the deeper the market is suppressed, the greater the rebound momentum. Of course, you have to survive this painful period first.

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Institutions are picking up chips on BNB’s ruins

The price dropped below $880, and the technical picture does look ugly. But capital flows tell a different story.

Institutions like CEA Industries have quietly accumulated 15,000 tokens over the past month, pushing their total holdings past 510,000. More notably, BlackRock’s BUIDL fund has already been deployed on BNB Chain, and traditional financial giants are starting to make moves in the RWA ( real-world assets ) sector.

Short-term weakness is a fact, but the long-term narrative hasn’t collapsed.

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Fear or greed? It all depends on your time frame

Markets always bottom out in despair. When everyone is saying “this time is different,” that’s usually when the turning point is near.

Some are panic selling at $85,000, while others are quietly building positions in batches: “Buy small on small dips, buy big on big dips.”

How will you choose? Share your thoughts in the comments.