Bank of Japan is set to hike interest rates by 25bps on December 19 The last 3 times BoJ hiked rates, Bitcoin dumped by over 20% March 2024 → -27% July 2024 → -30% January 2025 → -31% We already saw a 7% dump last week as investors tried to front-run the dump. However, just singling out Japan's rate hikes is a very simplistic interpretation of everything going on in the global economy If you take a deeper look, the January crash wasn't solely the result of the BoJ hike We had Trump taking office, and major tariff uncertainty going on In July of 2024, the Japan carry trade unwind took the whole market by surprise and a lot of forced unwinding happened In March-April of 2024, BTC had hit an ATH and saw a selloff, extended by tension in the Middle East Keep in mind, markets don't fear liquidity tightening, it fears uncertainty And that's exactly why I feel most of the BoJ FUD could be priced in.(Lark Davis)