Layer2Arbitrageur
The Bank of Japan’s December policy meeting is just around the corner, and this time it’s not a false alarm—the market-implied probability of a rate hike is approaching 80%. For the crypto market, this could be the most important macro variable to watch in the near term.
Let’s start with why the Bank of Japan’s moves matter. For over a decade, there’s been a massive global arbitrage game: borrow yen at near-zero interest rates, convert to USD or other currencies, and invest in high-yield assets—including crypto assets like BTC and ETH. How big is this trade? Trillions of dollars. But now, the
View OriginalLet’s start with why the Bank of Japan’s moves matter. For over a decade, there’s been a massive global arbitrage game: borrow yen at near-zero interest rates, convert to USD or other currencies, and invest in high-yield assets—including crypto assets like BTC and ETH. How big is this trade? Trillions of dollars. But now, the
