The expectation of the Bank of Japan's rate hike is stirring the entire financial market. The market is currently generally optimistic about the possibility of a rate hike in December, with the probability rising to around 80%. If delayed until January, the rate hike expectation could be as high as 90%. What risks are hidden behind this? The global carry trade volume reaches as high as $19 trillion, with the Japanese yen making up a large portion. Once the rate hike is implemented, this massive capital is likely to withdraw from the market collectively, triggering a chain reaction. For cryptocurrencies like Bitcoin, this presents both challenges and opportunities—the reallocation of market liquidity will be closely watched to see how it unfolds.