Core Insights - The message from prominent figures in finance emphasizes buying during market unease rather than chasing rallies driven by greed [1][2] - The Fear and Greed Index currently indicates a level of 20, reflecting fear in the crypto market [2] - The collapse of Japan's carry trade, a significant factor in global asset inflation, is highlighted as a critical issue [2][3] Market Dynamics - The Bank of Japan's recent rate hikes have led to government bond yields exceeding 1.7%, a level not seen since 2008, impacting the carry trade [3] - As borrowing costs rise, investors are facing increased yen liabilities while their foreign asset positions decline, leading to forced liquidations [3] Bitcoin Metrics - Bitcoin's Net Realized Profit and Loss is retreating towards the zero line, indicating a potential end to forced selling and the beginning of a stable phase [4] - Current Bitcoin prices around the $90K level suggest a balance between buyers and sellers, indicating a truce in the market [4][5] - Analysts describe the current market state as an equilibrium zone, where investors are reassessing their investment strategies [5] Accumulation Phase - If Bitcoin's Net Realized Profit and Loss remains above zero, it could signal the start of a stronger recovery base [5] - Recent price movements show Bitcoin slipping below significant historical levels, suggesting that investors are returning to accumulation [5]