QCP Asia: Volatility in Japanese bond yields coupled with rising tariff risks put pressure on Bitcoin as markets turn to risk aversion.

QCP Asia's latest market observations indicate a significant cooling of global risk appetite over the past week. Unexpected developments in the Japanese market and renewed geopolitical tensions have pushed markets into a defensive posture, with weakening stock markets and renewed focus on interest rates and macroeconomic policy risks. QCP states that the repricing of Japanese government bond yields has not only increased domestic financing costs but is also transmitting to global markets through cross-border duration allocation, funding assumptions, and risk premiums. Given the current market's high sensitivity to policy misjudgments, Japan has once again become a potential source of core volatility. Meanwhile, the risk of trade friction between the US and Europe has resurfaced. Tariff-related statements and potential retaliatory measures have increased the likelihood of a more confrontational global trade environment, shifting market focus from the rhetoric itself to whether it will substantially tighten financial conditions and weaken market confidence. Against this backdrop, the crypto market is also under pressure. QCP points out that Bitcoin's current performance is closer to that of a high-beta macro asset than a safe-haven asset, making it highly sensitive to interest rate changes, geopolitical events, and cross-asset volatility. Until clearer policy signals emerge, crypto assets are likely to continue to react passively, making it difficult to establish a clear trend.