On June 21, BitMEX co-founder Arthur Hayes wrote an analysis on his personal blog that Norinchukin Bank, Japan's fifth largest bank, recently announced that it will sell US and European bonds worth 63 billion dollars. This indicates that other Japanese banks may follow suit and sell US bonds worth up to 450 billion dollars in total. Hayes pointed out that the reason for the large-scale selling of US Treasuries by the Bank of Japan is that the US-Japan interest rate spread has widened sharply, resulting in a sharp increase in the cost of foreign exchange hedging holding US Treasuries, and holding these bonds has begun to lose money. In an election year, US Treasury Secretary Yellen is likely to ask the Bank of Japan to absorb these sold bonds through the Federal Reserve's FIMA repurchase facility, so as to avoid a sharp rise in US bond yields and cause financial marekt turmoil. Hayes believes that if the Federal Reserve were to print large-scale money to buy back U.S. Treasuries sold in Japan, it would bring a new round of dollar liquidity to the cryptocurrency market and fuel a new round of cryptocurrency bull market. He said that in order to maintain the current dollar-based financial system, the supply of dollars must increase, which will undoubtedly push up the price of cryptoassets, including bitcoin.