A chart released by Matrixport sheds light on a potential reason behind the fluctuation in Bitcoin prices - the liquidation of yen arbitrage trades. In financial markets, investors often leverage the low interest rates of the Japanese yen to seek higher returns. They borrow yen to invest in assets with higher yields. However, when market conditions change, these investors adjust their strategies, and Bitcoin becomes one of the affected assets. Recently, an unexpected hike in interest rates by the Bank of Japan, combined with market considerations regarding the Federal Reserve's interest rate cuts, has put pressure on the entire financial system to reduce its leverage. Some traders noted that this process of market deleveraging could be a major contributing factor to the decline in Bitcoin prices.