Matrixport: The market tends to attribute the Bitcoin crash to the unwinding of yen carry trades

Matrixport released today's chart, saying that the market tends to attribute the plunge in Bitcoin to the unwinding of yen carry trades. Many financial market participants who borrowed yen to invest in high-yield assets are now reversing the direction of their positions, and Bitcoin has become a victim of this process. The Bank of Japan's unexpected rate hike, coupled with the market's expectations of a rate cut by the Federal Reserve, has increased uncertainty in the central bank's policies, leading to deleveraging in the financial system. According to some traders, this is the main reason for the decline in Bitcoin prices.