Global monetary news has seen a rare period of intensity in recent days, marked by a series of crucial decisions from four major institutions in just eight days: the ECB, the U.S. Federal Reserve (Fed), the Bank of England (BoE), and the Bank of Japan (BoJ). This condensed schedule has sent shockwaves through financial markets, as the global tightening of liquidity conditions appears to confirm a long-term trend shared by major developed economies.
While the ECB initiated the movement on September 10 by raising its deposit rate to 2.50%, it was the synchronization between the Fed and the BoJ that captivated observers. The Fed enacted a 25-basis-point hike, reaching a range of 3.75% to 4.00%, while the Bank of Japan also raised its key interest rate to 1.25%. This Japanese decision is being closely watched, as it directly impacts the "carry trade"—a financial strategy involving borrowing at low costs in yen to invest in riskier or higher-yielding assets abroad.
The cryptocurrency market has reacted to this macroeconomic volatility, with notable selling pressure observed on spot Bitcoin ETFs. Over a forty-eight-hour period, these funds recorded net outflows totaling 746 million dollars. Despite this pullback, Bitcoin displays surprising resilience, holding steady in a solid price zone around 76,000 dollars, a sign of maturity in the face of international monetary policy jitters.
Unlike the crash in August 2024, the market did not descend into panic this time. The anticipated nature of these decisions and the caution displayed by central bank leaders, particularly during press conferences, helped avoid a brutal unwinding of positions. Internal dissent within the BoJ also acted as a stabilizer, preventing a violent appreciation of the yen that could have triggered a massive sell-off of risky assets.
Looking ahead, the momentum of flows into Bitcoin-indexed financial products will remain closely tied to the health of the yen "carry trade." With central bank agendas now focused on the end of the year, investors remain in wait-and-see mode. If global liquidity contracts, Bitcoin's current capacity for resistance suggests that the asset is now integrated as a fully-fledged component of global allocation strategies, despite a persistent sensitivity to interest rate adjustments.