It seems like the Japanese yen is still a hidden bearish factor for crypto. If Japan intervenes in the exchange rate, they’ll need to sell USD assets or adjust their foreign exchange reserves, which will definitely put pressure on long-term U.S. Treasury bonds. At the same time, if the market actively unwinds yen carry trades, high-beta assets like $BTC and $ETH will be the first to be sold off. So, when the yen rebounds sharply, the entire crypto market will deleverage along with $BTC and $ETH. Right now, USD/JPY is already above 160, and the risk of Japanese intervention by the end of the month is very high. Make sure to manage your risks in advance.