- Bitcoin rose 25% in August through Aug. 30, marking its strongest August performance since 2017 and reversing the month’s usual weak seasonal pattern.
- Japan’s two-year government yield reached 1.746%, a 31-year high, as swaps priced an 88% probability of a September Bank of Japan rate increase.
- Higher Japanese rates raise funding costs for yen carry trades, creating a risk of forced selling across global risk assets including Bitcoin.
- Bitcoin ETF inflows ended a nine-day streak on Aug. 28 after hawkish remarks from Federal Reserve Chair Kevin Warsh, highlighting the rally’s sensitivity to monetary-policy expectations.