Japan's government bond yields hit a 30-year high, while Bitcoin is flat at $78,000

The global bond bear market continues to ferment, with Japan's 10-year government bond yield rising to 3% on Tuesday, the first time since 1996; the 30-year government bond yield also broke through the historical high of 4.18%. The U.S. 10-year government bond yield simultaneously rose to a multi-year high of 4.78%, and global long-term sovereign bond yields are at their highest level since the 2008 financial crisis.Against this backdrop, Bitcoin remains in a sideways consolidation, maintaining around $78,000, slightly retreating from an earlier high of nearly $79,000. There is a dense resistance area between the current spot price and $86,000, which limits Bitcoin's upward momentum. Market sentiment remains cautiously optimistic in the short term, with the $76,000 to $82,000 range seen as a key battleground in the coming weeks.This round of selling occurred after U.S. Treasury Secretary Yellen announced an increase in the maximum scale of government bond repurchase transactions to $4 billion starting in September, with some commentators likening it to a form of yield curve control. Arthur Hayes has long argued that the Federal Reserve will eventually activate the FIMA repurchase facility, a mechanism that would create new dollar liquidity, which is also why he recommends allocating Bitcoin, gold, and cryptocurrencies; Yellen hinted at the future use of this tool as early as August.