Now it seems that the yen remains a hidden bearish factor for crypto,


If Japan intervenes in the exchange rate, it will need to sell dollar assets or adjust foreign reserves, and long-term U.S. Treasuries will surely come under pressure.
At the same time, if the market actively unwinds yen carry trades, high-beta assets such as $BTC, $ETH, etc., will be sold off first.
Thus, when the yen rebounds sharply, the entire crypto market will be de-leveraged along with BTC and ETH.
Now USD/JPY is already above 160, and the risk of Japanese exchange rate intervention at the end of the month is already very high.
Do risk management in advance.
BTC2.55%
ETH5.54%
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