A few recent events have happened in quick succession, making it hard not to overthink things.

Japan suddenly announced an interest rate hike, while the Fed is still debating whether to cut rates. JPMorgan in Wall Street moved its gold trading team to Singapore overnight. Meanwhile, BRICS nations continue to dump US Treasuries. Each event alone might not mean much, but together, they paint an interesting picture.

**How big is the impact of Japan’s rate hike?**
For the past decade or so, Japan’s interest rates have been near zero. Countless institutions borrowed yen to arbitrage—using ultra-low-cost money to buy high-risk assets like US stocks and cryptocurrencies. Now that Japan has raised rates, borrowing costs have skyrocketed. High-leverage players can’t handle it and are forced to cut positions and sell off. This chain reaction is only just beginning to play out.

**Why is JPMorgan “moving”?**
Moving the gold team from New York to Singapore isn’t just a simple office relocation. When a Wall Street giant shifts its core business to Asia, what does that signal? Either they’re avoiding regulatory risks, or they’re positioning themselves early in the Asian market. Smart money is already voting with its feet.

**What does the dumping of US Treasuries mean?**
BRICS countries reducing their holdings of US Treasuries isn’t new, but the pace is accelerating. The underlying logic of global asset allocation is changing—the absolute dominance of the dollar system is slowly being diluted. This isn’t just a short-term fluctuation; it’s a long-term trend.

**What does this mean for the crypto market?**
In the short term, there will definitely be volatility. High-leverage assets will be hit first—when liquidity tightens, all risk assets suffer. But in the longer run, if global liquidity is no longer solely dictated by the Fed, and capital starts flowing into Asian markets, it might not be a bad thing for certain sectors.

When the old order starts to loosen, it’s often a window for new patterns to emerge. The question is, which assets can survive this round of reshuffling? Which sectors will find their footing amid the chaos?

What do you think will be the most resilient next? Let’s discuss in the comments.