---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/36815528.md"
description: "Correlation between crypto trends and Japanese government bond yieldsLet's look at two charts: the first is the 10-year Japanese Government Bond (JGB) yield, and the second is ETHThe sudden changes all started exactly at 8 AM Tokyo Monday trading opening. The 10-year JGB yield surged to a new cycle high (around 1.8-1.85%, the highest level since 2008), while ETH dropped from 3k to 2.8kRising JGB yields + stronger yen = classic "yen carry trade unwinding" and global risk aversion. So the background story is:Higher JGB yields make yen borrowing more expensive-> Yen carry trades are unwound-> Funds reduce risk, first selling the most liquid risky assets (BTC and ETH)-> Leverage gets hit, derivatives open interest resetsThis looks more like a liquidity shock than a crypto fundamentals issue. Historically, such Japanese yield/yen shocks tend to bottom in 2-5 days$IShares Ethereum Trust ETF(ETHA.US)$iShares Bitcoin Trust ETF(IBIT.US)$BitMine Immersion Tech(BMNR.US)$Strategy(MSTR.US)"
datetime: "2025-12-01T05:55:18.000Z"
locales:
  - [en](https://longbridge.com/en/topics/36815528.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/36815528.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/36815528.md)
author: "[lyhalfway](https://longbridge.com/zh-CN/profiles/3372973.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/36815528.md) | [繁體中文](https://longbridge.com/zh-HK/topics/36815528.md)


# Correlation between crypto trends and Japanese gov…


### 相关股票

- [IShares Ethereum Trust ETF (ETHA.US)](https://longbridge.com/zh-CN/quote/ETHA.US.md)
- [iShares Bitcoin Trust ETF (IBIT.US)](https://longbridge.com/zh-CN/quote/IBIT.US.md)
- [BitMine Immersion Tech (BMNR.US)](https://longbridge.com/zh-CN/quote/BMNR.US.md)
- [Strategy (MSTR.US)](https://longbridge.com/zh-CN/quote/MSTR.US.md)
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- [Grayscale Bitcoin Mini Trust ETF (BTC.US)](https://longbridge.com/zh-CN/quote/BTC.US.md)

## 评论 (32)

- **箴   言 · 2025-12-02T17:42:56.000Z**: The Bank of Japan is about to raise interest rates, will the crypto market still experience a pullback?
- **牛啤101 · 2025-12-02T16:07:39.000Z**: Japan's interest rate hike is only a short-term impact, and the mid-to-long-term liquidity will be replenished by the Fed's liquidity injection. So it's a buying opportunity.
- **lyhalfway · 2025-12-02T15:52:01.000Z**: The macro shock unrelated to fundamentals fell suddenly, and the rebound will be quick. ETH is back to 3K.
  - **恐龙冲冲** (2025-12-02T15:53:40.000Z): The wear is too severe, destined to be an extraordinary December
- **大饼战士久留美 · 2025-12-02T01:23:29.000Z**: Macroeconomics is the most important thing to grasp
- **ChinaFinn · 2025-12-01T14:56:23.000Z**: The crypto market has completely turned bearish. Japan has started an interest rate hike cycle, and the crypto market is the first to take a big hit. This is a trend issue, not a one-time event.
- **你爱吃苦耐劳关我毛事 · 2025-12-01T14:22:38.000Z · 👍 1**: The biggest negative is that God Gu has entered
- **34的成本建议拿着吗  · 2025-12-01T13:14:52.000Z**: Brother Yaren, how to operate with a cost of 34?
  - **lyhalfway** (2025-12-01T13:38:41.000Z): I think 34 is no problem
  - **34的成本建议拿着吗 ** (2025-12-01T13:53:55.000Z): Alright, thanks bro
- **轩、 · 2025-12-01T13:09:07.000Z**: Bro ly, can you talk about the US SLR reform?
  - **lyhalfway** (2025-12-01T13:38:14.000Z): Didn't pay much attention to this...
- **KentC52 · 2025-12-01T12:56:37.000Z · 👍 1**: Chased the high again last Friday😅
- **轩、 · 2025-12-01T11:15:34.000Z**: First, market makers had issues, leading to weaker crypto liquidity, then Japanese bonds, all liquidity problems
- **ian-914 · 2025-12-01T08:41:10.000Z · 👍 2**: The biggest negative is that God Gu has entered and won't sell
- **知行合一再投资 · 2025-12-01T06:51:59.000Z · 👍 2**: Brother Yaren found another related index
- **stallioN种马 · 2025-12-01T06:29:56.000Z**: Learned
- **RH哥哥 · 2025-12-01T06:08:13.000Z · 👍 2**: Last year there was also a similar situation, around July or August, when it suddenly dropped sharply
  - **RH哥哥** (2025-12-01T06:15:08.000Z): August 5
  - **lyhalfway** (2025-12-01T06:15:40.000Z): Yes, it recovered very quickly afterwards
  - **新手村咸鱼** (2025-12-01T06:42:01.000Z): Yes, there was one last year too😂
- **Keep + · 2025-12-01T06:00:55.000Z · 👍 1**: Deeper and deeper in the hole🤣
- **恐龙冲冲 · 2025-12-01T05:58:22.000Z · 👍 1**: Can't hold 3-5, have to close the position
- **保持学习 · 2025-12-01T05:57:03.000Z · 👍 1**: Will some domestic policy tightening have a long-term impact on cryptocurrencies?
  - **相信概率** (2025-12-01T05:58:07.000Z): I don't think so
  - **lyhalfway** (2025-12-01T05:58:36.000Z): There is no short-term impact, as the valuation of domestic business was not priced in the first place
  - **保持学习** (2025-12-01T06:00:30.000Z): Are you buying more or selling your bmnr put as bmnr rebounds?