Glassnode co-founder Negentropic notes that markets react more to policy uncertainty than to the pace of rate hikes. The Bank of Japan policy normalization is reshaping the global funding environment, pressuring near-term leverage dynamics and guiding liquidity across crypto markets, including Bitcoin.

Signals show that yen carry trades have contracted as volatility remains elevated, creating selective entry points for risk assets. Historically, Bitcoin tends to rally after policy pressure eases, suggesting an asymmetric upside risk for crypto assets when chaos cools and funding flows stabilize.

With macro uncertainty waning, on-chain indicators look clearer and more actionable. A disciplined risk management framework could help investors capitalize on the evolving funding backdrop while maintaining a measured stance in the crypto markets and, specifically, Bitcoin.