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Bitcoin traders are watching Tuesday's Bank of Japan meeting, where a rate hike to 1 percent is expected. Leveraged funds hold over 115,000 yen short contracts, the highest since 2017. A sharp short squeeze could unwind yen-funded carry trades, destabilizing risk assets including bitcoin.
Bitcoin has posted four major corrections after Bank of Japan rate hikes since 2024, with declines ranging from 18% to 28% and an average sell-off of 22.5%. The BOJ's June 16 policy decision now draws attention, though BTC whale distribution and exchange inflows may carry more weight than Japanese monetary policy.
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