The crypto market took a hit after the Bank of Japan announced a potential interest rate hike in January 2025, sparking fears of a broader market crash. A stronger Yen could trigger mass liquidations, with crypto likely the first to be sold off. On September 3, $100 million was liquidated, with long traders suffering $65.08 million in losses, compared to $35.24 million for short positions. Ether faced $21.9 million in liquidations in 12 hours, while Bitcoin’s long liquidations hit $18.44 million. Despite the downturn, positive funding rates suggest lingering bullish sentiment.

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