Stepping into the last 30 days of 2025, the entire crypto world’s rules of the game have changed.

What did everyone use to focus on? Ecosystem narratives, project progress, and big influencers giving signals. But now? The world’s attention is focused on two central banks—the Federal Reserve and the Bank of Japan. These two “money printing masters” are staging a textbook-level policy divergence, directly rewriting the pricing logic of crypto assets. To put it simply, a tug-of-war over “money” is determining the fate of your and my wallets.

**US and Japanese Central Banks: One Hits the Gas, the Other Hits the Brakes**

The scene is surreal—the Fed is turning left toward easing at the intersection, while the Bank of Japan is firmly turning right toward tightening.

Let’s look at the Fed first. A 25 basis point rate cut in December? It’s almost a done deal; CME data shows traders betting with a probability soaring to 90%. Why so confident? Recent economic data hasn’t been great, and the job market is starting to show weakness, so the Fed is eager to “step in.” The even bigger news is that on December 1, they officially announced a halt to quantitative tightening (QT). What does this mean? The two-year-long “liquidity draining” cycle is over, liquidity levels are rebounding from the bottom, and risk assets finally have a chance to breathe.

Now let’s switch the camera to the other side of the Pacific. Over at the Bank of Japan, the wind has suddenly shifted 180 degrees. The world’s last “free ATM” is about to close, and the central bank governor