Japan’s bond stress is starting to ripple through global liquidity, a weak 20-year JGB auction raises the risk of capital flowing back onshore. Crypto has turned cautious, though bond-market pressure could eventually strengthen @Bitcoin’s store-of-value appeal. Key points: - US jobs miss boosts odds of a December cut - Tether fears resurface despite solid reserves - Weekly flows: US$725M so far, but choppy sentiment Full report: https://coinshares.com/insights/research-data/market-update-05-12-2025/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_MarketUpdate_05122025&utm_content=japan-bond-stress-tests-global-liquidity(CoinShares)