On January 23, Delphi Digital published an article stating, "Bitcoin prices are stagnating while gold continues to rise. The reason may lie in Japanese government bonds. Typically, rising yields increase the opportunity cost of holding yieldless assets, thereby putting pressure on gold. But when gold and yields rise together, the market is actually pricing in policy pressures and balance sheet vulnerabilities rather than economic growth.

The yield on the 10-year Japanese government bond is currently about 3.65 standard deviations above its long-term average. The Bank of Japan structurally holds long-term bonds and is deeply exposed to Japanese government bonds in terms of assets and collateral.

Gold is absorbing this pressure, while Bitcoin is negatively correlated with the 10-year Japanese government bond. Over the longer term, as Japanese yields rise, Bitcoin has generally struggled. If the Bank of Japan intervenes to stabilize the bond market, the risk premium in gold may ease, and Bitcoin could also see room for a rebound."