Last night, $BTC took the lead, and this morning, U.S. stock futures followed suit. What's the reason behind the adjustment? Most likely, it's the market's concern over U.S.-Japan joint intervention in exchange rates. As mentioned yesterday afternoon, risk-off sentiment is putting pressure on U.S. stocks and the crypto market. Today, the USD/JPY exchange rate continues to drop. Here are two key points to note: 1. From last Friday to today, over two trading days, the USD/JPY exchange rate has fallen from 160 to 154—a significant drop. This was discussed earlier here: https://((x.com))/qinbafrank/status/1991790579202597166?s=46&t=k6rimWsEbo2D2tXolYcM-A. A sustained and sharp decline in the USD/JPY exchange rate is often a precursor to the unwinding of carry trades. 2. Changes in CFTC yen position net holdings: Previously discussed here: https://((x.com))/qinbafrank/status/1997846644126269750?s=46&t=k6rimWsEbo2D2tXolYcM-A. The logic behind yen position net holdings: Currently, the CFTC report shows yen net positions are short, with the scale being half the size of the net short positions in July 2024. Before Japan's rate hike in December 2025, yen net positions were net long. As for the increased probability of a government shutdown impacting the market, some are saying it’s significant, but it’s not that big. At the end of last year, the market didn’t because of the government shutdown itself but due to the liquidity crisis caused by the shutdown. In October 2025, during the U.S. government shutdown, the entire month was influenced by U.S.-China tensions, but the real downturn didn’t start until late October, triggered by the spike in SOFR. It’s important to sort out the timeline clearly to understand the logical relationships.