ChainCatcher message: The global bond bear market continues to intensify. On Tuesday, Japan’s 10-year government bond yield rose to 3%, the first time since 1996; the 30-year government bond yield also broke through a historical high of 4.18%. Meanwhile, the U.S. 10-year government bond yield rose in tandem to a multi-year high, reaching 4.78%. Global long-term sovereign bond yields are already at their highest level since the 2008 financial crisis.

Against this backdrop, Bitcoin has remained range-bound, trading around $78,000, with a slight pullback from an earlier high near $79,000. There is a dense resistance area between the current spot price and $86,000, which has limited Bitcoin’s upside momentum. In the short term, market sentiment remains cautiously optimistic. The $76,000 to $82,000 range is seen as the key battleground for the coming weeks.

This round of sell-off occurred after U.S. Treasury Secretary Bessent announced that, starting in September, the upper limit on Treasury securities repurchase transaction volumes would be raised to $4 billion. After the announcement, some commentators likened it to a form of yield curve control. Arthur Hayes has long argued that the Federal Reserve would ultimately activate the FIMA repurchase facility, a mechanism that would create new dollar liquidity—this is also why he suggested allocating to Bitcoin, gold, and cryptocurrencies. As early as August, Bessent had hinted that the tool would be used in the future.