According to Glassnode co-founder Negentropic, the market is not rattled by rate hikes but unsettled by uncertainty. The Bank of Japan‘s policy normalization has clarified the global funding environment, even as leverage remains under pressure in the near term. Yen carry trades have contracted sharply, and heightened volatility could create selective entry points as liquidity dynamics shift. Taken together, these factors imply a tilt toward potential asymmetric upside risk once policy ambiguity eases.

According to the same view, Bitcoin tends to strengthen after policy pressure is released, not ahead of it, as macro chaos recedes and price signals improve. With diminished volatility, on-chain metrics and technical indicators can provide clearer readouts for investors, supporting measured crypto exposure and selective risk management amid a cautious funding backdrop.