Arthur Hayes, co-founder of BitMEX, analyzed in a personal blog post that Japan's fifth largest bank, Norinchukin Bank, recently announced the sale of $63 billion worth of US and European bonds. This suggests that other Japanese banks may follow suit, selling up to $450 billion worth of US bonds in total.Hayes pointed out that the reason for the Japanese banks' large-scale sale of US bonds is due to the sharp widening of the US-Japan interest rate differential, which has led to a significant increase in the hedging costs of holding US bonds, causing losses. In an election year, US Treasury Secretary Yellen is likely to ask the Bank of Japan to absorb these sold bonds through the Fed's FIMA repurchase tool to avoid a sharp rise in US bond yields and financial market turmoil.Hayes believes that if the Fed buys back the US bonds sold by Japan on a large scale, it will bring a new round of US dollar liquidity to the cryptocurrency market and boost a new round of cryptocurrency bull market. He said that in order to maintain the current US dollar-based financial system, the supply of US dollars must increase, which will undoubtedly push up the prices of cryptocurrencies, including Bitcoin.