BlockBeats News, January 23 — Delphi Digital stated, "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 non-yielding assets, thereby putting pressure on 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 Japanese 10-year government bonds. 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."
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