#美联储回购协议计划 The Japanese government has taken another big step—adding 29.6 trillion yen to the national debt, approximately 1.3 trillion RMB, reaching a record high. Spread out over each day, nearly 1 billion in deficit spending, and the annual total is an astronomical figure.

Once this news broke, the market reaction was explosive. Against the backdrop of continued easing policies, liquidity overflow in major global economies has become increasingly evident. When central banks and governments simultaneously send signals, some funds often seek alternative assets for hedging or seeking returns—including cryptocurrencies.

Many investors are beginning to consider: what chain reactions might this large-scale fiscal action have on the supply and demand dynamics of assets like $BTC, $ETH, and $BNB? Historical experience shows that in a loose environment, risk assets tend to attract more attention and inflows.

Of course, the transmission mechanism of macro policy effects to the crypto market still needs observation. In the short term, market sentiment dominates price fluctuations, but the long-term logic is worth tracking.