Bitwise Explained: "Japan May Have Brought the Latest ATH in Bitcoin!"

The leading cryptocurrency Bitcoin (BTC) set new records last week by surpassing 11 thousand dollars with an attack.

While this new ATH excites investors and the market, there are many predictions regarding the source of the record.

Some analysts attributed the ceasefire discussions between Russia and Ukraine to U.S. President Donald Trump, while others linked it to increasing institutional demand and macroeconomic factors.

Bitwise Europe Research Head André Dragosch argued that the recent rally was due to ongoing issues in the Japanese bond market.

Japan's state bonds show increasing risks, Dragosch pointed out, noting that the 30-year yield of state bonds reached an all-time high of 3.185% on May 20, 2025.

"Government bonds are generally considered safe haven assets. However, when yields sharply rise, it typically indicates investors' concerns about fiscal sustainability and the country's ability to meet its debt obligations."

At this point, the instability in Japan's bond market has heightened credit risk concerns and led to greater adoption of Bitcoin among TradFi participants.

Because Bitcoin is an immutable asset. It is free from counterparty risk. It is a protection against sovereign risk and sovereign default.

The Bitwise manager recently added that if concerns about the risks in sovereign bonds in Japan and other countries continue to rise, the price of Bitcoin could reach 200 thousand dollars in the long term.