A sudden spike in Japanese bond yields triggered a rapid carry-trade unwind, sparking extreme volatility: over $700 million in long liquidations in 24 hours and $3.4 billion of Bitcoin ETF outflows in November. Trading volumes and liquidity thinned, while MicroStrategy’s balance-sheet risks added to the panic. At the same time, major firms like Visa, Sony and U.S. Bank are building crypto infrastructure, creating a clash between short-term liquidity pressures and long-term institutional adoption. The episode contrasts two views: a 2019-style macro-driven drawdown versus a fundamentals-led adoption thesis. Watch custody rollouts and liquidity signals to see which narrative wins the next cycle.Subscribe to our daily Free Crypto Newsletter: https://crypto.report