The Bank of Japan’s rate hike has directly pushed the yield on the US 10-year Treasury to 4.086%. What does this number mean? It signals that global capital flows are undergoing dramatic changes.

As one of the largest holders of US Treasuries, Japanese investors are starting to consider pulling money back to their domestic bond market. Under this pressure, US Treasury prices are falling, yields are climbing, and the global cost of borrowing dollars is rising. This in turn increases volatility pressures on risk assets.

So what about the crypto market? On the surface, capital flowing back to Japan might lead to tighter liquidity. But from another perspective—when traditional financial markets are turbulent, some funds may actually seek alternative allocation channels. At certain times, crypto assets might become such an "alternative option."

However, this doesn’t mean all tokens will benefit. Only projects with real use cases and strong community consensus are more likely to remain resilient in times of turmoil. For example, major assets like BTC and ETH tend to show relative resistance to declines when market uncertainty rises.

For ordinary investors, what’s the most important thing right now? Don’t get led around by short-term volatility. If your portfolio still has a lot of “air coins” lacking fundamental support, it might be time to reassess. Concentrate your capital in projects with technological accumulation and growing ecosystems—this is a more prudent long-term strategy.

To put it bluntly: this round of Japanese rate hikes is actually the market filtering out players. Those who are still gambling on short-term trades or chasing hypes will eventually get left behind. On the other hand, investors who truly spend time researching projects and understanding trends may find opportunities to buy quality assets at low prices when others panic.

When the global capital landscape is being reshaped, what’s being tested isn’t luck—it’s understanding. If you grasp this, you’ll be able to stand firm amid the volatility.