#贵金属黄金与白银刷新历史高位 Market risk warning is here.

The U.S. Treasury Department recently pointed out that the trigger for this round of global stock and bond declines was an extreme six-standard-deviation fluctuation in the Japanese bond market. This is no small matter—Japan, as the world's third-largest economy, has its financial market anomalies never be isolated events but signals that directly impact global liquidity. U.S. and European bond yields are rising accordingly, and liquidity is tightening rapidly. In this environment, cryptocurrencies are among the first to be affected.

Just look at on-chain data. Bitcoin's exchange inflows have significantly increased over the past 48 hours. What does this signal? Large investors and institutional investors are reducing their positions. Holdings are also beginning to diversify, indicating that smart money in the market has already sensed the risk. As the macro situation shifts, no risk asset can remain unaffected—$ETH, $BTC cannot escape.

The key point is this: the next move of the Bank of Japan will become a crucial variable influencing market rhythm. Keep a close eye on Japanese monetary policy signals and observe global bond market trends—these are essential references for understanding the recent direction of the crypto market.

There are always opportunities amid volatility, but the prerequisite is to understand the big picture. In the face of macro storms, knowledge and information advantage are your competitive edge.