Last week (12/15–12/21), the core variables of the crypto market came from the interest rate decision of the Central Bank of Japan and the reassessment of institutional mid-to-long-term price expectations. The Central Bank of Japan raised the policy interest rate to 0.75%, which met market expectations. Since no clear signals of "sustained rapid rate hikes" were released after the meeting, the market interpreted it as a dovish rate hike, leading to a temporary easing of macro tensions.
BTC rebounded from the $85,000 level to around $88,000 after the announcement, and then maintained a narrow range over the weekend, with fluctuations clearly converging. Overall, risk appetite has warmed in the short term, but the price has not formed a continuous upward trend, still reflecting a structure dominated by existing capital.
At the same time, the institutional level has shown divergence in its judgment of the subsequent market trends, with the market shifting from "betting on one side" to "placing more emphasis on valuation and risk management." In the context of low liquidity at the end of the year, funds are more inclined to wait for a clearer price structure and