Matrixport, a digital currency research company, released an analysis report stating that the market tends to attribute the sharp drop in Bitcoin to the closing of yen arbitrage trades.Many financial market participants who borrowed yen to invest in high-yield assets are now reversing their positions, and Bitcoin has become the victim in this process. The unexpected interest rate hike by the Bank of Japan, coupled with market expectations of a rate cut by the Federal Reserve, has increased uncertainty in central bank policies, leading to deleveraging in the financial system. According to some traders, this is the main reason for the drop in Bitcoin prices.