Bitcoin sells off as the yen surged fast enough to trigger cuts across risk books

Bitcoin sometimes sells off hard on days with no crypto headlines. A recurring driver sits outside crypto: a yen-funded carry unwind that forces cross-asset deleveraging, then transmits into BTC through thinner liquidity, wider spreads, and fast position reduction in derivatives. Here’s the core mechanism in one line: if USD/JPY moves fast enough to trigger margin and VAR cuts, BTC can sell off like it got bad news e…