The first coordinated US-Japan currency intervention since 2011 moved the yen roughly eight points and revived fears of carry trade unwinding that rocked Bitcoin in 2024. The carry trade ghost that haunts cryptoThe yen carry trade, borrowing cheap yen to invest in higher-yielding assets elsewhere, has been one of the most popular trades in global finance for years. The correlation between yen carry trade unwinding and crypto volatility isn’t theoretical. If the US and Japan continue to prop up the yen through coordinated purchases, the carry trade becomes increasingly risky. If the pair breaks below that, it signals the intervention has legs and carry trade unwinding could accelerate.