比特幣（BTC）最近有史以來高高可能與日本債券市場的持續問題有關

5月22日，比特幣（BTC）的價格上漲至5月22日的新歷史最高點112,000美元，然後在5月26日撰寫本文時換手了109,700美元。

Recently, Bitcoin's price reached a new all-time high of $112,000 on May 22, before pulling back to trade above $109,700 at the time of writing on May 26, according to CoinTelegraph data.

根據Cointelegraph的數據，最近5月22日，比特幣的價格達到了5月22日的新歷史最高高點，然後在5月26日撰寫本文時撤回了超過109,700美元的交易。

While some linked the cryptocurrency's rally to geopolitical developments, including US President Donald Trump's announcement of Russia-Ukraine ceasefire talks on May 19, macroeconomic factors appear to be playing a larger role, according to market analysts.

儘管有些人在5月19日將加密貨幣的集會與地緣政治發展聯繫起來，包括美國總統唐納德·特朗普宣布俄羅斯 - 烏克蘭停火談判，但宏觀經濟因素似乎在發揮更大的作用。

As the 30-year yield on Japanese bonds hit a record high

隨著日本債券的30年收益率創下了創紀錄的高度

Bitwise's head of European research, André Dragosch, is attributing Bitcoin's recent all-time high to ongoing issues in the Japanese bond market, which may be signaling Bitcoin's increasing recognition as a hedge against instability in the traditional financial (TradFi) system.

Bitwise的歐洲研究負責人安德烈·德拉格斯（AndréDragosch）將比特幣最近的歷史最高升高歸因於日本債券市場中持續的問題，這可能表明比特幣在傳統金融（TradFi）系統中對對沖的不穩定表示了對沖的認識。

Dragosch pointed to growing concerns around Japan’s sovereign credit outlook, highlighting a spike in the country’s long-term bond yields.

Dragosch指出，日本對日本的主權信貸前景的關注日益加劇，這突出了該國的長期債券收益率的激增。

The 30-year yield on Japanese bonds reached a new all-time high of 3.185% on May 20, 2025, before pulling back to 3.115% on May 23, TradingView data shows.

TradingView Data顯示，日本債券的30年收益率在2025年5月20日達到了3.185％的新高度3.185％。

Government bonds are typically considered safe-haven assets. But when yields rise sharply, it often signals investor concerns about fiscal sustainability and repayment risk. Japan’s debt-to-GDP ratio stands above 250%, compared to Germany’s 62%, yet both nations had 30-year bond yields close to 3.1% on May 21, noted The Kobeissi Letter.

政府債券通常被視為避風港資產。但是，當收益率急劇上升時，它通常表明投資者對財政可持續性和還款風險的關注。 Kobeissi信中指出，日本的債務與GDP比率高於250％，而德國的62％，但兩國的債券收益率在5月21日的債券收益率接近3.1％。

“Because yields are increasing, sustainability becomes more of an issue, meaning credit risk increases, meaning yields increase even more. And so you end up in this kind of fiscal debt doom loop.”

“由於收益率在增加，可持續性變得更加問題，這意味著信用風險增加，這意味著收益率會增加更多。因此，您最終會以這種財政債務末日循環循環。”

Dragosch said the escalating volatility in Japan’s bond market could be prompting some institutional investors to reconsider Bitcoin’s role as a hedge against sovereign default risk.

Dragosch表示，日本債券市場上的波動不斷提高可能會促使一些機構投資者重新考慮比特幣的作用，以應對對抗主權違約風險的對沖。

“This is now affecting other bond markets, especially the US Treasury market.”

“這現在正在影響其他債券市場，尤其是美國財政市場。”

Sovereign risk drives crypto appeal

主權風險推動加密訴訟上訴

Japan's bond market instability is fueling concerns over sovereign credit risk, pushing TradFi participants to invest more in Bitcoin, Dragosch told CoinTelegraph, adding:

Dragosch告訴Cointelegraph，日本的債券市場不穩定引起了人們對主權信用風險的擔憂，推動了Tradfi參與者對比特幣進行更多的投資。

“Perceived default risk continues increasing, yields continue increasing. This is a rough benchmark of why Bitcoin could be heading toward $200,000.”

“感知到的違約風險持續增加，收益率繼續增加。這是一個粗略的基準，即比特幣可能會朝著200,000美元邁進的原因。”

Dragosch added that this scenario would hinge on sustained Bitcoin accumulation by corporations and exchange-traded fund (ETF) holders.

Dragosch補充說，這種情況將取決於公司和交易所交易基金（ETF）持有人持續的比特幣積累。

Meanwhile, the US spot Bitcoin ETFs are less than $1.3 billion away from surpassing the monthly inflow record of $6.49 billion from November 2024, CoinTelegraph reported on May 23.

同時，CoIntelegraph於5月23日報導說，美國現貨比特幣ETF距離超過13億美元，距離2024年11月從2024年11月起的每月流入率達到64.9億美元。