Year-end is here, and liquidity is pretty tight. The issues of USD rate cuts and JPY rate hikes are really keeping everyone on edge. On December 9–10, 2025, the Fed will decide whether to cut rates. Currently, the market predicts an 87% probability of a 25bp rate cut. On December 18–19, 2025, the Bank of Japan will decide whether to hike rates. The market currently predicts a 90% probability of a 25bp rate hike. A USD rate cut would lower borrowing costs and increase market risk appetite, which is favorable for cryptocurrencies. On the other hand, a JPY rate hike mainly impacts hedge funds. Some hedge funds on CME have already started large-scale outflows, possibly acting in advance. The effects of the two may offset each other to some extent, but the Fed's influence is clearly greater. At the same time, there’s still room for some strategic maneuvering ahead.