[Analysis: Bitcoin Negatively Correlated with Japanese 10-Year Government Bonds, BOJ Stabilization Could Propel Bitcoin Rebound] BlockBeats News, January 23, Delphi Digital published an article stating, '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 the long-term average. Structurally, the Bank of Japan 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, Bitcoin has struggled as Japanese yields have risen. 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.'