Stronger demand for Japan's 10-year bonds clouds bitcoin liquidity outlook
- —Average yield on 10-year JGBs rose to 3.101% from 2.995% at the prior auction
- —Bid-to-cover ratio climbed to 3.76 from 3.29; tail narrowed to 0.2 bp from 1.6 bp
- —Japanese institutions sold a net ¥2.59 trillion of foreign bonds over two weeks
- —BIS: funding conditions are a key driver of cross-border flows into BTC and ETH
Why it matters: A shift of Japanese capital into domestic bonds could tighten global funding conditions and curb inflows into bitcoin.
Source: Digital Today