Odaily星球日报讯 Matrixport 发布今日图表称，市场倾向于将比特币的暴跌归因于日元套利交易平仓。众多金融市场参与者借入日元以投资高收益资产现正在扭转其头寸方向，比特币成为这一过程中的受害资产。日本央行的意外加息，加上市场对美联储降息的预期，增加了央行政策的不确定性，导致金融系统去杠杆化。据一些交易员称，这正是导致比特币价格下跌的主要原因。

Matrixport：市场倾向于将比特币的暴跌归因于日元套利交易平仓

Odaily Odaily News Matrixport released today&#39;s chart saying that the market tends to attribute the plunge in Bitcoin to the unwinding of yen carry trades. Many financial market participants who borrowed yen to invest in high-yield assets are now reversing the direction of their positions, and Bitcoin has become a victim of this process. The Bank of Japan&#39;s unexpected interest rate hike, coupled with the market&#39;s expectations of a rate cut by the Federal Reserve, has increased uncertainty in the central bank&#39;s policies and led to deleveraging in the financial system. According to some traders, this is the main reason for the decline in Bitcoin prices.

Matrixport: The market tends to attribute the plunge in Bitcoin to the unwinding of yen carry trade positions.

Author | @Web3Mario (https://x.com/web3_mario)
Summary: This week, I have been learning about some APIs related to Telegram Bot, and the TON contract framework has basically been completed. I was a little happy about this, but the sharp drop in the entire cryptocurrency market on Monday has really cast a shadow over my mood. I had a certain expectation for this result. However, I did not expect it to come so fast and so fierce. Therefore, I have organized my own views and shared them with everyone, hoping that everyone can stabilize their mentality and not let panic affect your...

Viewpoint: Interpreting the Reasons for the "85" Plunge, the Bank of Japan's Interest Rate Hike and the Withdrawal of the Yen Carry Trade

Odaily reports that 10x Research in its latest report states that many attribute the sell-off of Bitcoin to the unwinding of yen carry trades, but the reality is much more complex. Since mid-March, Bitcoin has been very fragile, despite the Nasdaq index rising 15% and the yen depreciating 10% during this period, Bitcoin has remained range-bound. Arbitrage trades rely on the continued high interest rates in the US, which are unlikely to persist. The rules of the game have changed.

In the past 24 hours, the trading volume in the crypto market reached $244 billion, the highest level since March 6th. Bitcoin experienced a significant amount of intraday liquidation after reaching an all-time high. While we were very bullish in February and early March, we have taken a cautious stance after the sharp decline, as our backtesting indicates that the future market is unpredictable. In hindsight, this was the right decision.

As new asset price drivers emerge, the financial markets are like a puzzle that needs to be reassembled periodically. This is one of those times. Unlike the sharp declines in April and June that were alleviated by increased leverage, this time there may not be such a reversal.

10x Research: The trading volume in the cryptocurrency market reached $244 billion in the past 24 hours, which is the highest point since March 6.

Author: Alex O'Donnell, CoinTelegraph; Translated by: Tong Deng, Jinse Finance

August 5th saw one of the worst days in the history of cryptocurrencies. Few had anticipated this, but the traders' addiction to leverage had quietly amplified the market risks over the past few months. If the leverage trading was the trigger, then the sudden surge in the yen was the match. Fortunately, the fire may be extinguished soon.

The soaring borrowing costs of the yen led to this collapse. Now, as traders finally reduce their leverage and yen exposure, the market will see a healthy rebound. If the broader market...</Assistant>