Recently, the topic of Japan raising interest rates has become the biggest variable affecting financial markets after the Fed's rate cuts. The Bank of Japan raising rates isn’t just Japan’s domestic affair—it’s the 'pricing anchor' for global funding costs. If the Fed controls the faucet, then the Bank of Japan controls the water temperature. Last August’s crash was a 'shock therapy,' while the current hawkish signals are more like 'boiling a frog in warm water.' It won’t cause an instant collapse, but it will gradually drain speculative liquidity from the market. Let’s discuss the impact of recent major financial themes on the crypto market and possible future trends tonight on Space.