[Analysis: Bitcoin Negatively Correlated with Japanese Bond Yields, BOJ Intervention May Trigger Rebound] Odaily Planet Daily reports that Delphi Digital stated, 'Bitcoin prices have stagnated, 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 pressuring gold. However, when gold and yields rise simultaneously, the market is actually pricing in policy pressure 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 its long-term average. Structurally, the Bank of Japan holds long-term bonds and is deeply exposed to Japanese government bonds in terms of both assets and collateral. Gold is absorbing this pressure, while Bitcoin is negatively correlated with Japan's 10-year government bonds. Over the longer term, as Japanese yields rise, Bitcoin has struggled relatively. If the Bank of Japan intervenes to stabilize the bond market, the risk premium in gold may ease, and Bitcoin could gain room for a rebound.'