Bitcoin Correlation Shifts: Stronger Ties to 30-Year Japanese Government Bond Yields Over Nasdaq

Bitcoin’s market dynamics are undergoing a notable shift. New analysis from global markets analyst Weston Nakamura shows that Bitcoin’s price movements are now showing a stronger correlation with 30-year Japanese Government Bond (JGB) yields than with traditional tech indices like the Nasdaq. Historically, Bitcoin has been classified as a high-beta tech asset, moving in line with major stocks. However, recent major events—such as the approval of US spot BTC ETFs and US political developments—have seen Bitcoin prices align more closely with JGB yield movements, especially as Japanese yields hit multi-year highs in May. This decoupling is potentially driven by global liquidity shifts, institutional portfolio adjustments, and evolving risk-off signals. The development suggests Bitcoin may be maturing into a distinct asset class, increasingly influenced by wider macroeconomic variables instead of only tech sentiment. Nevertheless, the relationship remains complex and potentially transitory, requiring continued vigilance from traders. For crypto traders, this means monitoring Japanese bond markets—particularly 30-year JGB yields—could now be as important as tracking US tech indices when assessing Bitcoin price drivers. This trend underscores the importance of broad macroeconomic awareness and robust risk management for effective crypto trading strategies.