2025: The darkest year for the crypto market, but also the dawn of the institutional era. | Bee Network
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Surprisingly, this runaway in long-term interest rates was not triggered by a sudden change in macroeconomic data, but rather by a sudden acceleration in market pricing of an interest rate hike at the Bank of Japan’s meeting on the 18th and 19th of this month. Currently, the implied probability of an interest rate hike by interest rate derivatives has climbed to over 80%, and market sentiment has entered “countdown mode” even before official policy statements. YCC’s Hidden Channel: The Yen Engine Behind Global Liquidity To understand this round of turmoil, we still need to return to the Bank of Japan’s core policy framework over the past decade—yield curve control (YCC). Since 2016, the Bank of Japan has been forcibly fixing the range of 10-year government bond yields in a very…# Analysis# bitcoin# crypto# defi# MarketPre
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