According to CoinMeta, QCP Capital indicates that on last Friday, the Federal Reserve of New York, on behalf of the U.S. Treasury Department, purchased Japanese yen, marking the first coordinated intervention in the foreign exchange market between the two countries since 2011 and the first joint support for the yen since 1998. At the same time, the yield on U.S. 30-year Treasury bonds rose to around 5.27%, reaching a new high since 2007. QCP points out that the rapid appreciation of the yen may lead to the closing of yen financing transactions and affect risky assets, but a stabilization of the exchange rate could also reduce subsequent interventions and the pressure on the liquidity of U.S. Treasuries. This event did not provide a clear direction for the crypto market, but it highlighted the importance of the dollar versus yen exchange rate, Japan's financing environment, and long-term U.S. Treasury bond yields for the liquidity of BTC and ETH.