BlockBeats News, May 21st, QCP released its daily market observation, stating that the 30-year Japanese Government Bond (JGB) yield has surpassed 3%, breaking through a historical level. Japan's long-standing escalating debt issue has always been a potential concern, and it is now approaching a critical point. If this wave of bond sell-off continues and fiscal concerns intensify, a reevaluation of Japan's risk by the market could drive the yen's appreciation in the short term. The volatility in the Japanese market has already begun to affect global markets. The U.S. 30-year Treasury yield has once again exceeded 5%, and investors are now turning their focus to the U.S.'s own debt trajectory.

Meanwhile, Bitcoin today attempted to break through the $108,000 mark but failed to sustain momentum. The current price trend is closely related to the accumulation by Strategy and Metaplanet, which remain the primary sources of buying pressure. However, as the market grows more concerned, they may have represented the final wave of "marginal buyers." If their purchases slow down, it could trigger profit-taking by other investors, potentially reversing the current uptrend.

Despite facing sustained headwinds at the macro level, including surging bond yields, tariff escalations, and potential stagflation risks in the U.S. in the third and fourth quarters of 2024, Bitcoin has demonstrated remarkable resilience over the past month. That said, once the price successfully breaks through the all-time high, it may trigger a new round of FOMO sentiment, pulling sideline funds into the market, further driving up the price of the coin.