#日本国债突现抛售风暴 BlockBeats News, January 23 — Delphi Digital published an article stating, "Bitcoin price is stagnating while gold continues to rise. The reason may lie in Japanese government bonds. Typically, rising yields increase the opportunity cost of holding yieldless assets, thereby pressuring gold. However, when gold and yields rise in tandem, the market is actually pricing in policy pressures and balance sheet vulnerabilities rather than economic growth.

The yield on Japan's 10-year government bonds is currently about 3.65 standard deviations above the long-term average. The Bank of Japan structurally holds long-term bonds and is deeply exposed to Japanese government bonds in terms of assets and collateral.
Gold is absorbing this pressure, while Bitcoin is negatively correlated with Japan's 10-year government bond yields. Over the longer term, as Japanese yields rise, Bitcoin has generally struggled. If the Bank of Japan intervenes to stabilize the bond market, the risk premium in gold may ease, and Bitcoin could also see room for a rebound."