After the Bank of Japan raised interest rates, BTC surged to $88,000, and ETH outperformed BTC

After the Bank of Japan raised interest rates, BTC rose from $85,200 to $88,000 within 5 hours. This rate hike did not trigger a capital flow into the yen. Open interest grew faster than price, and the funding rate turned positive, indicating the emergence of new leveraged long positions rather than short covering. Open interest for SOL and XRP declined, the altcoin season indicator hit a new low, and ETH outperformed BTC.