PANews reported on May 21 that QCP Capital, a Singapore-based crypto investment firm, said that Japan's 30-year government bond yield broke through 3%, a record high, triggering a chain reaction in global financial markets. Japan's government debt accounts for 234% of GDP, and Prime Minister Shigeru Ishiba's recent remarks have heightened market concerns about fiscal sustainability. Although the yen exchange rate is traditionally more affected by short-term interest rate differentials, if the bond market sell-off continues, it may trigger capital inflows and push the yen up in the short term.

The yield on the 30-year U.S. Treasury bond also rose above 5%, as investors worried about the debt outlook after the Trump administration's $3.8 trillion fiscal plan was blocked. Against the backdrop of intensified macro pressure, Bitcoin failed to break through $108,000 that day. Analysis showed that the current buying mainly came from strategic investors and listed company Metaplanet's continued purchases, but the market was concerned that if the momentum of institutional purchases weakened, it might trigger profit-taking.

The report pointed out that despite multiple pressures such as soaring bond yields, escalating tariffs and the risk of stagflation in the third and fourth quarters of the United States, Bitcoin has shown strong resistance to declines in the past month. If the price breaks through the previous high, it may trigger retail investors' FOMO sentiment and boost a new round of increases. At present, we need to pay close attention to the transmission effect of fluctuations in the Japanese bond market on global risk assets.