Bitcoin focus shifts from oil to bonds as US and Japan 10-year yields spike into a critical week
Bitcoin's near-term fate is now tied more closely to rising US and Japanese 10-year bond yields than to oil prices.Summary
The market's focus for Bitcoin is shifting from the initial shock caused by oil prices to the subsequent impact on sovereign bond markets, particularly US and Japanese 10-year yields. The core concern is whether the energy shock will be persistent enough to keep long-term yields elevated, delaying policy relief and tightening financial conditions globally. The US 10-year yield has risen sharply toward a politically and financially sensitive 4.50%-4.60% range, pressuring risk assets like Bitcoin, which currently acts as a liquidity-sensitive macro asset. Furthermore, rising Japanese Government Bond (JGB) yields are amplifying this pressure, suggesting the energy shock is becoming a global bond-market event rather than just an oil panic. This week is critical, hinging on Treasury auctions, PMI data, and inflation expectations, which will determine if yields stabilize or push higher, dictating whether Bitcoin remains under strain or finds room to recover based on its hard-asset appeal.
(Source：CryptoSlate)