$ZBT $ZEC $ETH——These three cryptocurrencies have recently been pushed into the spotlight. And what’s driving them isn’t a technological breakthrough, but a major shift in global capital flows.

The recent signals from the Bank of Japan’s meeting have caused quite a few traders to break out in cold sweats. The central bank officials have rarely spoken so frankly — Japan’s real interest rates are ridiculously low, and the decades-long ultra-loose monetary policy has become outdated. That rate hike at the beginning of the month was just the opening act; more aggressive moves are brewing.

What does this mean? Simply put, the last bastion of zero interest rates globally is beginning to loosen. You have to understand, this isn’t just about Japan; it’s about the entire global capital market’s nerves.

Let’s look at some immediate chain reactions:

The most obvious is arbitrage trading. Over the years, many institutions have relied on the "cheap funds" of the yen to carry out carry trades, using low-cost financing to pursue high-yield assets. Once Japan tightens, this "cheap ammunition" will become ineffective, akin to unplugging the entire arbitrage ecosystem.

Second, the liquidity landscape in Asia will be reshaped. Hot money flows have always been sensitive. The Federal Reserve is tightening, and now Japan is following suit. With the two largest sources of global liquidity shifting simultaneously, risk assets — including cryptocurrencies — that depend on a loose environment will have to be re-priced.

The most critical question is in front of us: how much bubble has been inflated by the "loose tide" in the global markets over the years? If the tide recedes, are we standing at a true liquidity turning point?

Looking at it from another angle. The crypto market has always been extremely sensitive to liquidity. Bullish narratives and bullish market expectations are largely built on a continuous flow of cheap funds. Once the cost of capital rises and liquidity tightens, this logic will have to be completely rewritten. Are you prepared for your holdings? This isn’t scare tactics, but a real risk test.

So the final question comes down to: what do you think will happen next? Will the short-term pain pass quickly, or are we witnessing the beginning of a long-term trend? It’s worth pondering carefully.