Logically, when the Japanese Yen appreciates, BTC should decline because "JPY arbitrage trading" has already driven away a large amount of liquidity due to interest rate hikes. If the Yen appreciates, the remaining investors may also be forced to sell their holdings in risk markets (such as US stocks and BTC) due to repayment costs.
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Logically, when the Japanese Yen appreciates, BTC should decline because "JPY arbitrage trading" has already driven away a large amount of liquidity due to interest rate hikes. If the Yen appreciates, the remaining investors may also be forced to sell their holdings in risk markets (such as US stocks and BTC) due to repayment costs.