The Bank of Japan's rate hike is about to land. Over twenty years of zero interest rate policy has nourished a large number of funds relying on yen arbitrage. These funds are疯狂收割在全球市场，现在游戏规则要变了。

Trillion-level funds have already started to flow back, but most people haven't noticed yet. Once this liquidity withdrawal accelerates, who will be the first to suffer? BTC and tech stocks, definitely can't escape. Assets with high leverage and strong liquidity are often the first targets to be hammered when hot money retreats.

The bubble party supported by cheap yen may really be coming to an end. In the next few months, market volatility will be more intense than expected.