The Japanese yen suddenly strengthened today, reaching a high of 1 USD = 152.89 JPY, marking a roughly seven-month high. If it hits 147, the $360 trillion yen-to-dollar arbitrage cycle will also see massive unwinding—that would be terrifying! It seems like a Bank of Japan rate hike is pretty much a done deal! This isn’t exactly great news because hedge funds are mostly playing the arbitrage game—borrowing the cheapest money in the world to invest in higher-yielding opportunities globally. Now, after working hard all year to earn a 3.5% interest rate spread, the yen strengthens 5% in a week, directly triggering yen arbitrage unwinding. Crypto might indirectly face liquidity drain through global deleveraging. But compared to late July 2024, BTC’s price doesn’t seem to be experiencing the same kind of synchronized sell-off this time. So here’s the question: in the next couple of weeks, will I be able to snag some cheaper bitcoin:native??