Bitcoin then seduces the bond markets collapsed

A discreet but decisive tilting agitates the world markets. The traditional pillars of finance lose their aura, while active active in deemed marginal gain in legitimacy. Indeed, the growing distrust of sovereign debt makes the bond market vacate, formerly a stability base. In this climate of uncertainty, an interrogation is essential: Bitcoin, often described as speculative, would it not be imposing itself as a real refuge value?

The bond fracture calls into question the pillars of global finance

French obligations lose credibility, in a context where their status of refuge value is called into question by the markets. Currently, this is the case of the United States and other developed countries. This May 22, the performance of the obligation at 30 years reached 5.15 %, a summit since October 2023. Yields are also climbing in Japan, global growth slows down, and the confidence of American consumers reaches historically low levels.

This unstable context, which would have once made bitcoin fall, today seems to feed its progression. In parallel, the gap between bonds at 5 and 30 years old has exceeded 1 %, an unprecedented level since October 2021.

This signal reflects an in -depth revision of economic expectations:

• Sustained growth;
• Persistent inflation;
• Maintaining interest rates at high levels for prolonged duration.

The cost of the American debt explodes, with interests estimated at $ 952 billion in 2025, on a total debt having crossed the 36.8 dollar trillion bar.

The situation is all the more worrying since the United States is not alone. Japan, the main foreign holder of American treasury bills with $ 1,130 billion, also sees its rates climbing.

The Bank of Japan noted its key rate from -0.1 % to 0.5 % in March 2024, ending decades of ultra -basic rate policy. Since then, long -term yields have been reaching out: the rate at 30 years reached 3.1 %, an absolute record, while the 20 years climbed to 2.53 %, a level that we had not seen since 1999.

Japanese Prime Minister Shigeru Ishiba even has declared Faced with Parliament that the budgetary situation of his country was “worse than that of Greece”, an affirmation of meaning for a country whose debt reaches 260 % ​​of GDP. This context nourishes a general distrust of sovereign debts, including those of the most developed economies.

Bitcoin attracts capital in search of neutrality and resilience

While state obligations are struggling to fulfill their refuge role, Bitcoin now attracts massive institutional flows. Unlike the classic logic that an increase in bond yields penalizes risky assets, the BTC continues to progress.

Traditionally, the increase in yields had to weigh on risky assets. However, actions and Bitcoin go up. This discrepancy highlights a paradigm shift: investors seem to reject traditional diversification patterns and turn to assets outside the debt -based monetary system.

The rise of the ETF Spot Bitcoin, whose outstandings now exceed $ 104 billion according to Coinglass dataillustrates this trend. This BTC rush is explained by the search for an asset that is both efficient and politically neutral.

Bitcoin, so far perceived as a speculative asset, is increasingly considered as a digital equivalent of gold. It seduces by its independence to monetary policies, its finished offer, and its resilience in the face of macroeconomic instability. The market is starting to integrate the fact that the BTC can embody both an active active ingredient and a value reservoir, a double cap which, so far, appeared contradictory, all the more since its volatility is now lower than that of the Nasdaq and the S&P 500.