Why did Bitcoin sell off as the yen surged fast enough to trigger cuts across risk books?
Bitcoin generally sells off exhausting on days with no crypto headlines. A recurring driver sits exterior crypto: a yen-funded carry unwind that forces cross-asset deleveraging, then transmits into BTC via thinner liquidity, wider spreads, and fast place discount in derivatives. Here’s the core mechanism in a single line: if USD/JPY strikes fast enough to trigger…
