BTC experienced a typical spike pattern yesterday, with multiple retests testing traders' patience. The 89k level has become crucial—obvious volume accumulation combined with a surge of long positions provided many with a signal to re-enter the market. At that time, I noticed ETH was still around the 3000 mark, so I decisively followed the bullish setup. The losses accumulated from scattered stop-losses earlier were almost fully recovered in this move, amounting to 1000 USD. From a technical perspective, 92.6k has become an important current observation point. Even if there is a retest here, it could instead present an opportunity to buy more. If the price can break above 95k later, the upside potential will open up more fully—at least towards the 98k or even 100k range. The key still lies in volume confirmation and the performance of bullish and bearish forces at various critical levels.

Newcomers to the crypto world often fall into the trap of a single belief. Bitcoin and Bitcoin Cash, as well as Zcash, all originate from the same source and have experienced hard fork splits. Whether it's Bitcoin Cash or Zcash, the underlying logic behind them is equally worth deep understanding. In comparison, Bitcoin emphasizes decentralized value storage, while Zcash focuses on privacy in currency—these narratives are completely different. If you truly believe in decentralized encryption principles, believing in Zcash and believing in Bitcoin are essentially the same. The story of Ethereum and Ethereum Classic is more straightforward. After the hard fork, they each took their own path. But ultimately, the community, capital, and ecosystem choices converged on Ethereum. This reflects the power of consensus—not technology decides everything, but the combined effort of the market and community shapes the final landscape. What will the future hold? No one can say for sure. Bitcoin was born to oppose monetary hegemony, while Zcash focuses on privacy protection. When the market re-evaluates these choices, success or failure often points to the same question: the intrinsic value definition of money itself.

The latest statement from Bank of Japan Governor Kazuo Ueda marks the official end of an era. His core logic is quite clear: wage growth has stabilized, inflation has persistently exceeded the 2% target, and real interest rates remain low—these conditions combined mean that further rate hikes next year are a certainty. Simply put: the golden age of borrowing yen at low cost to arbitrage global assets has officially come to an end. This shift may seem like a Japanese issue, but in reality, it shakes the foundation of the entire global financial system. Over the past 30 years, Japan’s low-interest-rate environment created a massive arbitrage machine—investors borrowed cheap yen and turned around to invest in US stocks, emerging markets, and crypto assets, profiting from exchange rate and yield differentials. This strategy was once rock-solid, but now it faces a complete reversal. Market reactions are already evident. Japanese government bond yields are rising rapidly, and leverage positions built on low-yen interest rates worldwide are being forced to unwind. This is not a gentle adjustment but a sharp de-leveraging—highly leveraged positions maintained through yen arbitrage are being liquidated en masse, and the chain reaction is spreading across all asset classes. The impact on the crypto market is especially noteworthy. Over the past two years, abundant liquidity flowed into digital assets through arbitrage trading, boosting valuations of mainstream tokens like ETH, SUI, and others. Now, this liquidity is rapidly retreating. Meanwhile, the global asset valuation system is facing a comprehensive re-evaluation—under rising interest rates, assets with high growth and low yields will bear the brunt. Market sentiment is also shifting rapidly. The previous low-volatility, "lying flat" environment is gone for good, replaced by intense volatility and swift directional changes. For traders accustomed to gentle markets, this is a thunderbolt. The key question is: can your position structure withstand this round of de-leveraging? In the context of shrinking global liquidity, which assets can remain resilient? After the tide of arbitrage trading recedes, where will the market’s driving force shift? The answers to these questions will directly determine the investment trajectory in the coming months. Those who see this turning point early will have the opportunity to find a foothold in the new landscape.