$ETH The big dump in the market yesterday was not accidental. The probability of a rate hike by the Bank of Japan in December has jumped from 50-50 to 85%—what does this number mean? It means that the last super low-cost funding pool in the world may really be reaching its bottom.

Ueda Kazuo's attitude has changed quickly. He was previously worried about external uncertainties, but now he is directly focused on domestic inflation and the depreciation of the yen. The signal is very clear: the era of cheap money is coming to an end.

For the crypto market? The impact is not small. Those international capitals that arbitrage with yen and leverage to buy Bitcoin will see their costs increase. Will the funds flow back? Some definitely will. It's like extracting water from high-volatility assets, and yesterday's fall has already provided the answer.

What should retail investors do?

First, recognize the reality. This is not a fluctuation in the market for one or two days, but a macro cycle is turning. The withdrawal of cheap funds from Japan means the market will take time to digest, and volatility will be the new normal.

Leverage? If it can be lowered, then lower it. In an environment of tightened liquidity, high leverage is equivalent to swimming naked when the tide goes out, and the risk factor rises sharply.

Watch the key levels. The $75,000 line for Bitcoin is still the bull-bear dividing line, and we must also keep a close eye on the Federal Reserve's policy direction. Central banks around the world are in a tug-of-war, and finding the real support point is the main issue.

The tide has changed direction, and strategies must change accordingly. Stop fantasizing about a flood of liquidity; learn to find opportunities and hold the line when the water level is low. The market never waits for anyone; when it's time to adjust, adjustments must be made.