The Bank of Japan raised rates to 1.25% in a surprise move, the second central bank action of the week after the Federal Reserve lifted its target range to 3.75% to 4.00%. Japanese policy matters for crypto more than its coverage suggests, since Japanese yields feed the carry trade that funds risk positioning globally. Two developed-market hikes in the same week is the kind of setup that historically pressures every asset priced off cheap funding, which makes Bitcoin's recovery to $81,000 harder to explain through macro alone.