比特币（BTC）最近有史以来高高可能与日本债券市场的持续问题有关

5月22日，比特币（BTC）的价格上涨至5月22日的新历史最高点112,000美元，然后在5月26日撰写本文时换手了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.

根据Cointelegraph的数据，最近5月22日，比特币的价格达到了5月22日的新历史最高高点，然后在5月26日撰写本文时撤回了超过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.

尽管有些人在5月19日将加密货币的集会与地缘政治发展联系起来，包括美国总统唐纳德·特朗普宣布俄罗斯 - 乌克兰停火谈判，但宏观经济因素似乎在发挥更大的作用。

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

随着日本债券的30年收益率创下了创纪录的高度

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的欧洲研究负责人安德烈·德拉格斯（AndréDragosch）将比特币最近的历史最高升高归因于日本债券市场中持续的问题，这可能表明比特币在传统金融（TradFi）系统中对对冲的不稳定表示了对冲的认识。

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，日本对日本的主权信贷前景的关注日益加剧，这突出了该国的长期债券收益率的激增。

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显示，日本债券的30年收益率在2025年5月20日达到了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.

政府债券通常被视为避风港资产。但是，当收益率急剧上升时，它通常表明投资者对财政可持续性和还款风险的关注。 Kobeissi信中指出，日本的债务与GDP比率高于250％，而德国的62％，但两国的债券收益率在5月21日的债券收益率接近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.”

“由于收益率在增加，可持续性变得更加问题，这意味着信用风险增加，这意味着收益率会增加更多。因此，您最终会以这种财政债务末日循环循环。”

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，日本债券市场上的波动不断提高可能会促使一些机构投资者重新考虑比特币的作用，以应对对抗主权违约风险的对冲。

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

“这现在正在影响其他债券市场，尤其是美国财政市场。”

Sovereign risk drives crypto appeal

主权风险推动加密诉讼上诉

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告诉Cointelegraph，日本的债券市场不稳定引起了人们对主权信用风险的担忧，推动了Tradfi参与者对比特币进行更多的投资。

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

“感知到的违约风险持续增加，收益率继续增加。这是一个粗略的基准，即比特币可能会朝着200,000美元迈进的原因。”

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

Dragosch补充说，这种情况将取决于公司和交易所交易基金（ETF）持有人持续的比特币积累。

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.

同时，CoIntelegraph于5月23日报道说，美国现货比特币ETF距离超过13亿美元，距离2024年11月从2024年11月起的每月流入率达到64.9亿美元。