#美联储政策与降息 The Bank of Japan raising interest rates by 25 basis points is essentially a done deal; the chain reaction of this move is worth paying attention to. Japan holds $1.2 trillion in U.S. Treasuries, and rising interest rates will directly push up U.S. Treasury yields, which poses substantial pressure on the Federal Reserve to cut rates.

From an on-chain perspective, such shifts in macro expectations often trigger reallocation of funds. Rising U.S. Treasury yields → decreased attractiveness of risk assets → institutions may accelerate portfolio adjustments. Recently, it is important to closely monitor whale wallet movements, especially data on stablecoin inflows to exchanges, as these often signal early positioning or profit-taking.

Delayed rate cut expectations imply that the liquidity easing cycle may need to be reassessed, which is negative for the crypto market. It is recommended to continuously track changes in the U.S. Treasury yield curve and large wallet fund movements, as these data points often reflect the true market direction more promptly than sentiment.