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The recent strength in the Japanese yen hasn't translated into a bullish setup for $BTC or $ETH . From July 29 through July 31, the yen appreciated and the U.S. dollar weakened, yet both Bitcoin and Ethereum continued to underperform as interest rates moved against liquidity-sensitive assets. Friday highlighted the divergence even more: the S&P 500 climbed 0.7% and the Nasdaq gained 1%, while crypto remained under pressure. Although timing differences between markets make direct cause-and-effect difficult to confirm, the current market behavior suggests weak transmission. For now, $BTC and $ETH continue to show relative weakness despite a softer dollar and resilient U.S. equities.