The Federal Reserve will announce its interest rate decision on December 10, with the market expecting a 25 basis point rate cut to 3.50%-3.75%. There are internal disagreements, and some officials may oppose the rate cut. Meanwhile, the market is paying attention to whether a "Reserve Management Bond Purchase Plan" will be launched, with an expected scale of up to $60 billion.

ChainCatcher News reports that QCP issued a briefing stating that the Asian market opened relatively flat, with Bitcoin prices hovering around $92,000. Selling pressure has notably decreased, but overall market sentiment remains cautious. ETF capital inflows slightly rebounded to $56.5 million, after experiencing weekly redemptions exceeding $1.1 billion in November. Market focus has now shifted to tonight's Federal Reserve FOMC meeting. Although rate decision expectations are well priced in by the market, investors will closely watch Powell’s comments. Subsequently, the Bank of Japan’s meeting on December 19 will become the next risk catalyst, as Japanese government bond yields have risen to multi-year highs, potentially impacting USD/JPY arbitrage trading. Bitcoin has shown significant volatility this year, retreating from a mid-2025 high of $123,000 and currently trading between $90,000 and $93,000.

Michael Saylor recently proposed a financial reform plan for the Middle East at the Bitcoin MENA conference, with the core concept of creating a "zero-volatility, high-yield digital bank account" supported by Bitcoin to attract huge low-yield capital around the world. He pointed out that institutional funds in Japan, Europe, Switzerland and other regions have been trapped in a low-interest rate environment for a long time and lack significant returns, which is an opportunity for Bitcoin to become a new type of financial infrastructure. Rather than attracting funds from the crypto community, Saylor proposed a design goal to restructure the global sovereign bond and corporate bond markets of $20 trillion to $50 trillion. He emphasized that current investors are forced to choose high-risk credit products simply because traditional bank accounts cannot provide sufficient yields. The solution he proposed is for regulated banks to launch digital accounts with 8% yields, backed by Bitcoin, making them global capital hubs in the new era.

In 2025, the cryptocurrency market will usher in a structural turning point: institutional investors have become the absolute main force, while retail investors have cooled significantly. Aishwary Gupta, global head of payments and real assets at Polygon Labs, pointed out in a recent interview that institutional funds now account for about 95% of the overall inflow of cryptocurrencies, and the proportion of retail investors is only 5%-6%, and market dominance has changed significantly. He explained that the institutional pivot is not driven by emotions, but is a natural result of the maturation of infrastructure. Asset management giants, including BlackRock, Apollo, and Hamilton Lane, are allocating 1%-2% of their portfolios to digital assets, accelerating their layout through ETFs and on-chain tokenization products. Gupta cited Polygon's cooperation cases as examples, including JPMorgan Chase's testing of DeFi transactions under the supervision of the Monetary Authority of Singapore, Ondo's tokenized treasury bond project, and AMINA Bank's regulated staking, all of which show that public chains have been able to meet the compliance and auditing needs of traditional finance.

Bitcoin mining company IREN completed a $2.3 billion convertible senior notes offering and a $544.3 million convertible bond repurchase, launched bonds maturing in 2032 and 2033, and took measures to hedge equity dilution risk.

Man Group stated that if the bond market questions the independence of the Federal Reserve Chair, the Fed may need to implement quantitative easing (QE) policies to lower long-term borrowing costs. Chief Market Strategist Hooper reminded investors to pay attention to the situation in the UK in 2022, emphasizing the importance of the credibility of public officials.

Overseas investors are pouring into the Japanese government bond market, accounting for 65% of trading volume and driving up yields and volatility. Although domestic institutions still hold the majority of government bonds, the high liquidity from foreign capital may introduce systemic risks that could impact global interest rates. The market will be closely watching the dynamics between the Federal Reserve and the Japanese bond market.

U.S. Treasury yields rose to a two-month high as the global bond market declined, with investors focusing on upcoming bond auctions and the Federal Reserve’s rate decision. The Treasury Department adjusted its auction schedule, and the market expects the central bank may continue to cut rates, with attention on inflation and future outlook.

Expectations are rising that Japan may conduct large-scale sell-offs of U.S. Treasuries, and this potential shock is spreading from traditional financial markets to the crypto industry, especially Tether (USDT), which is deeply tied to U.S. Treasuries. Japan currently holds $1.189 trillion in U.S. Treasuries, making it the largest foreign holder globally, but as Japanese government bond yields hit multi-year highs, the attractiveness of holding U.S. Treasuries is declining. Analysis indicates that the U.S.-Japan yield spread has narrowed from 3.5% to 2.4% within six months. If it drops to around 2%, it will significantly boost the incentive for capital to flow back to Japan, potentially prompting Japanese institutions to sell as much as $500 billion in U.S. Treasuries. The broader yen carry trade amounts to $1.2 trillion; if interest rates rise and the yen strengthens, this structure could quickly unravel, triggering a chain of global asset liquidations.

Bitcoin edged up slightly on Monday, as the market generally expects the Federal Reserve to cut interest rates by another 25 basis points this week, adjusting the target rate to a range of 3.5%-3.75%. However, contrary to the traditional logic that "rate cuts are bullish for risk assets and suppress bond yields," US Treasury yields have continued to rise, making market sentiment more cautious. Typically, rate cuts signal increased liquidity, and cheaper capital boosts investment and loan demand, supporting the prices of high-risk assets like Bitcoin while lowering short-term interest rates and yields. Data shows that Bitcoin rose over 1.5% on the day, hovering around $91,800, and has rebounded from the $80,000 region over the past three weeks, forming higher lows and highs.

Analysts predict that this week’s Federal Reserve meeting could become a key catalyst for a new round of Bitcoin gains. After Bitcoin broke above $92,000 on Monday, London Crypto Club analysts David Brickell and Chris Mills noted in a report that the Fed may inject more liquidity into the banking system on Wednesday, thereby boosting risk assets, including Bitcoin. The two analysts predict that the Fed will adopt a more dovish policy stance and expand its balance sheet through an implicit bond-buying program. They believe that, with interest rate cuts combined with liquidity expansion, “the money printer is restarting,” which will provide a strong structural boost for Bitcoin. They expect that in this policy environment, Bitcoin prices are likely to “rise significantly,” breaking out of the current range and heading for higher levels.

Woori Bank recently added a Bitcoin (BTC) price display to its main trading floor in Seoul, presenting this crypto asset alongside core financial indicators such as the KRW-USD exchange rate, government bond yields, and stock market indices. This makes it the first commercial bank in South Korea to integrate cryptocurrency market data into a frontline trading environment. Bank officials stated that Bitcoin now serves as an important “market sentiment indicator.” As digital assets gain greater influence in global financial markets, including them in traders’ daily monitoring helps provide a more comprehensive assessment of risk appetite and cross-market linkages. This move also reflects the accelerated advancement of digital asset infrastructure within South Korea’s banking system.

ING’s latest analysis points out that the yield on the 10-year US Treasury bond is currently holding above 4% and has further room to rise. This trend is not favorable for high-risk assets such as cryptocurrencies, as rising yields often indicate tighter financial conditions and declining risk appetite. Currently, the yield on the 10-year US Treasury stands at 4.09%. Despite several economic indicators, including the ADP employment report, showing weakness—with US employment numbers shrinking for the third time in five months in November—yields have demonstrated notable resilience. In a client report on Thursday, ING stated that US Treasury yields have recently fluctuated mainly in the 4% to 4.1% range. “Although a short-term drop below this range is possible, once yields break above the upper end, the likelihood of continued increases is greater.”

Kevin Hassett has emerged as a leading candidate to succeed Jerome Powell as Federal Reserve Chair in 2026, creating a clear divide between Wall Street and the cryptocurrency market. Reports indicate that bond investors have privately expressed concerns to the U.S. Treasury, believing that if Hassett were to become Fed Chair, he might push for rapid and politically influenced rate cuts, potentially threatening market stability. According to the Financial Times, Wall Street banks, asset management firms, and the Treasury Borrowing Advisory Committee warned in a November meeting that Hassett might opt for rate cuts even if inflation remains above the 2% target. They noted that Hassett emphasized political issues during briefings, raising questions about his ability to maintain the central bank’s independence. Prediction market data shows Hassett’s odds of becoming Fed Chair are as high as 75%, far surpassing other contenders like Waller and Warsh.

According to BlockBeats, on December 4, as disclosed by Fox Business reporter Charles Gasparino, insiders on Wall Street and in the US business community are making last-ditch efforts to warn Trump about the issue of selecting Kevin Hassett as the Federal Reserve Chairman. The main argument from Wall Street and the business community is that, given the political nature of Hassett's previous work (Director of the US National Economic Council) and his past experience, he lacks credibility among Federal Reserve staff and the markets, while the markets seek an independent Fed. Appointing Hassett would lead to a rise in long-term interest rates and chaos within the Fed. If Hassett manages to lower short-term rates through a split vote under persistent inflationary pressures (as Trump desires), it would be seen as political intervention and trigger inflation. Mortgage and consumer rates are benchmarked against the 10-year Treasury bond, and if

BlockBeats news, on December 2, MicroStrategy first hinted at "possibly selling coins". The company announced it would raise funds through a stock issuance to establish a cash reserve of $1.44 billion to cope with the "Bitcoin winter" and stated that if the internal indicator mNAV falls below 1 and it cannot refinance, it will consider selling some Bitcoin. This news breaks its long-held image of "never selling coins" and, combined with approximately $82 billion in convertible bond pressure, caused the stock price to plummet over 12% during Monday's trading, expanding the year's decline to about 40%, with Bitcoin also dropping over 4%. BiyaPay analysts believe this signals that leading institutions are starting to reserve the "save the core by abandoning the vehicle" option for extreme market conditions, which may exacerbate the fluctuation of Bitcoin and related concept stocks in the short term. Users can trade US stocks MSTR and Bitcoin and other digital assets on BiyaPay using USDT.

BlockBeats news, on December 2, as the largest overseas creditor of U.S. Treasury bonds, Japan may trigger the repatriation of domestic funds from U.S. Treasury bonds and other overseas assets if it tightens its monetary policy, disrupting the downward trend of U.S. Treasury yield and adding uncertainty to the global market. On Monday, after Bank of Japan Governor Kazuo Ueda hinted at a possible interest rate hike later this month, global government bond yields generally rose (yields rise when bond prices fall). This statement surprised investors, who had expected the Bank of Japan to remain inactive. Ueda's remarks pushed Japan's 10-year government bond yield up to 1.879%—the highest closing level since June 2008. The U.S. 10-year Treasury yield also rose to close at 4.095%, while it was slightly below 4% in the middle of last week. Wall Street is concerned that the rise in Japanese bond yields will attract funds away from U.S. investments.

Bitcoin long positions have been hoping that the Fed will cut interest rates, leading to a decline in bond yields and a weaker dollar, thus bringing a new round of risk appetite to the crypto market. However, despite strong expectations for interest rate cuts, the 10-year U.S. Treasury yield and the dollar index have shown resilience, posing challenges to this traditional logic. The market generally expects the Fed to cut interest rates by 25 basis points on December 10, continuing the easing cycle that began last September. Several institutions even predict that rates will further drop to 3% next year. According to historical patterns, a decrease in interest rates usually lowers government bond yields and weakens the dollar, creating a favorable environment for risk assets like Bitcoin.

According to Jinse Finance, the demand for Japan's 10-year government bond auction on Tuesday was stronger than the average level of the past 12 months, despite the rising expectations for the Central Bank's recent interest rate hike. The bid-to-cover ratio was 3.59, up from 2.97 in the last auction in November and the 12-month average of 3.20. This auction took place after Bank of Japan Governor Kazuo Ueda made comments on Monday, which the market believes increased the likelihood of a rate hike later this month. Ueda stated that the Bank of Japan would weigh the pros and cons of raising interest rates and take appropriate action, adding that even after a rate hike, financial conditions would remain accommodative. Currently, the swap market indicates an approximately 80% chance of a rate hike at the policy meeting on December 19, while the likelihood of a January rate hike has risen to over 90%. In contrast, just a week ago, the probability of a December rate hike was only 36%. Meanwhile, the Japanese Ministry of Finance plans to increase short.

Iren Ltd. plans to raise $2 billion through two batches of Convertible Bonds, each totaling $1 billion, with bond maturities in 2032 and 2033, and a coupon Intrerest Rate between 0% and 1%.

On December 1st, during the Asian early session, the price of Bitcoin fell nearly 5%, dropping below $87,000, erasing recent gains. This decline is mainly attributed to the surge in Japanese government bond yields, which triggered a risk aversion sentiment, coupled with low trading volume leading to severe market liquidity shortages. Data shows that Bitcoin has moved down from the $91,000 consolidation range, with the total market capitalization of Crypto Assets evaporating by about $150 billion. 10x Research pointed out that the crypto market experienced its lowest trading volume week since July, with a thin order book unable to withstand institutional selling pressure, causing the price decline to evolve from a technical correction into a liquidity crisis. BRN research director Timothy Misir stated that this is not a controlled correction, but rather a liquidity shock caused by position adjustments and macro re-pricing. In November, Bitcoin's market capitalization fell by nearly 18%, and market momentum quickly reversed, forcing leveraged long positions to be liquidated.

Japan's 10-year government bond yield rose to 1.86%, reaching a new high since 2008 and triggering tremors in global markets. As the Bank of Japan hinted that it would consider raising interest rates at the December rate meeting, the long-standing era of low interest rates may come to an end, directly threatening the support for global risk assets and Yen Carry Trade in the crypto market. In the past year, Japan's government bond yields nearly doubled, with the two-year yield reaching 1% for the first time since 2008. Although 1.86% is still considered low globally, it represents a significant structural change for Japan, a country that has long been in a "zero interest rate" environment. The low interest rates had allowed global investors to borrow yen at extremely low costs, flooding into U.S. Treasuries, European bonds, and high-risk assets, including encryption. However, as domestic yields rise, funds may begin to flow back to Japan.

PANews December 1st news, Japan's 30-year government bond yield briefly touched 3.395%, setting a new historical high. Japan's 20-year government bond yield rose 5.5 basis points to 2.88%, reaching the highest level since June 1999.

According to Golden Finance, the Fed will officially end quantitative tightening (QT) today. It is reported that the Fed decided to end quantitative tightening (QT) starting from December 1, 2025, at the interest rate meeting on October 29, 2025. The Fed began tightening monetary policy in March 2022 and started to reduce its bond holdings in June 2022, which is quantitative tightening (QT). Since 2022, the Fed has withdrawn more than $2 trillion from the market. However, starting from December 1, the situation will change, and the Fed will stop withdrawing funds from the market.

Golden Finance reports that Japan's two-year government bond yield has risen to 1%, the highest level since June 2008. The 20-year yield has risen by 3 basis points to 2.855%, a new high since November 2020. (Jin10)

Fidelity's Ethereum-based tokenization of U.S. Treasury bond funds has risen 15% in the past month, surpassing $250 million in scale. 2025 is seen as the year of RWA, with the total on-chain value exceeding $36 billion, more than doubling year-on-year, and private sale credit accounting for more than half. Ethereum dominates the tokenized asset space.

PANews, November 27 - Due to the impact of the Thanksgiving holiday in the United States (November 27), the US stock and bond markets will be closed today, with an early market close tomorrow (November 28). Today, trading for precious metals and crude oil futures contracts under the CME will end early at 03:30 Beijing time on the 28th, while stock index futures contract trading will end early at 02:00 Beijing time on the 28th. Trading for Brent crude oil futures contracts under the ICE will end early at 02:30 Beijing time on the 28th.

BlockBeats reported that on November 27, the renowned economist Nouriel Roubini has carried the nickname "Dr. Doom" for nearly two decades. This economist believes that after a brief period of cooling growth, a strong rebound driven by technology and capital expenditure will follow, allowing the U.S. to maintain its leading position in the world. He pointed out that, first, market discipline, rational advisors, and the independence of the Fed protected the worst policies after the "Day of Liberation." Due to a rapid and substantial adjustment in the market, Trump had to concede and negotiate a more reasonable trade protocol. The current popular view—that the U.S. stock market is in a massive bubble destined to burst—is incorrect in the medium term. Roubini noted that increased GDP growth may lead to rising real bond yields, but a massive positive total supply shock driven by technology could.

Odaily News Due to the impact of the Thanksgiving holiday in the United States (November 27), the data for initial jobless claims in the U.S. will be released earlier tonight at 21:30, the EIA natural gas inventory report will be released earlier tomorrow at 01:00, and the oil drilling data will be released earlier tomorrow at 02:00. On November 27 (tomorrow), the U.S. stock and bond markets will be closed for one day, and the futures trading for gold, silver, and oil contracts will end early. Investors are advised to pay attention. (Jin10)

Gate News Bot news, on November 25, according to CoinMarketCap data, as of the time of writing, IOST (IOST) is currently priced at $0.00204268, with a rise of 20.44% in the last 24 hours, reaching a high of $0.00206083 and a low of $0.00162814. The current market capitalization is approximately $60.1 million, an increase of $1.02 million compared to yesterday. IOST is a high-performance blockchain platform designed for asset tokenization. As the first multi-chain physical asset infrastructure, IOST 3.0 is committed to bringing real-world assets into the Web3 space, transforming the $300 billion bond market and traditional finance into borderless, highly liquid, and programmable assets. IOST features a high-performance Layer-2 architecture, cross-chain interoperability, institutional-grade security, and compliant identity verification.

The European Central Bank report indicates that stablecoins may pose risks to financial stability, especially when investors lose confidence in their redemption capabilities. Tether and Circle, as the largest holders of U.S. Treasury bonds, may trigger a bank run that could lead to the dumping of reserve assets, impacting the $25 trillion U.S. Treasury bond market. Despite pressure on the banking industry, the U.S. continues to support the stablecoin industry, with related regulations like the GENIUS Act aimed at reducing risks.

The Economist pointed out that Crypto Assets have transformed from being "objects of ridicule" to a "widely accepted and even encouraged" asset class, but the big dump in Bitcoin prices indicates that the industry is rapidly declining. "The lack of new bullish narratives to support further rises in the price of a speculative asset—one that generates no income and relies entirely on future capital gain expectations—poses a significant challenge." The article also noted that the increasingly close ties between Crypto Assets and the TradFi sector could trigger a broader economic recession—if stablecoins face dumping, it could shake the bond market or lead to a fall in tech stocks.

Recently, US tech giants issued nearly $90 billion in bonds, raising concerns in the market about the ability to absorb the rise in AI spending and debt supply, leading to a significant pullback in US stocks. The Nasdaq and tech stocks experienced falls, with individual stocks like Advanced Micro Devices and Micron Technology performing particularly weak.

Arkham monitoring data shows that the Bitcoin treasury company Nakamoto transferred 1003 BTC to Cobo as collateral for a $250 million Convertible Bond financing, marking the second time this week it has added collateral. Attention is needed on the leverage risk brought about by the market downturn.

CryptoQuant CEO Ki Young Ju analyzed the market's weakness and predicted that Bitcoin might struggle to rebound in the next 3-6 months, with a real bull run awaiting liquidity recovery next year. He also mentioned that the foreign demand for U.S. Treasury bonds is weakening, and insufficient liquidity will lead to instability in the bond market, with scarce assets like gold and Bitcoin expected to rise in price.

PANews November 21 news, according to Cryptopolitan, former U.S. federal prosecutor Danielle Sassoon firmly denied promising immunity to Michelle Bond, a partner of former FTX executive Ryan Salame, during a high-risk evidence hearing held at the Manhattan federal court. According to the hearing content, Sassoon testified about Ryan Salame's plea situation, who was sentenced to over seven years in prison for his plea. Further scrutiny of this former FTX executive and his then-girlfriend Michelle Bond has led Sassoon to face campaign finance allegations. "I had no intention of setting a trap or enticing others to plead guilty," Sassoon mentioned regarding Bond's plea in Salame.

According to ChainCatcher news, the Secretary for Financial Services and the Treasury of Hong Kong, Hui Chengyu, stated that they are jointly advancing research on the applicability of existing laws to tokenized bonds, in order to promote the adoption of tokenization technology in the Hong Kong bond market. Details will be announced in the first half of next year. Hui Chengyu mentioned that the previously issued third batch of tokenized green bonds introduced the option of settlement in Central Bank currencies tokenized in RMB and HKD, making it one of the first digital bonds globally to apply these two tokenized Central Bank currencies in the settlement process.

The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated at a seminar that Hong Kong is studying the legal applicability of tokenization bonds to promote the technological application in the bond market, with relevant details to be announced in the first half of next year. At the same time, financial regulatory authorities are actively working to optimize the regulatory framework for digital assets to enhance industry development.

ChainCatcher news, according to Jin10 reports, Jussi Hiljanen, chief strategist of the research department at Nordea Bank in Sweden, stated in a report that he still expects the yield on the 10-year U.S. Treasury bond to fall to 3.9% in the first quarter of 2026. He pointed out that to achieve this goal, the market must re-establish confidence in the Fed's rate-cutting path. Although recent hawkish remarks from Fed officials have increased uncertainty in the short term, he emphasized that a shift to a more accommodative policy stance, a reduction in interest rate expectations, and lower yields remain his benchmark scenario in the next three to four months.

The Japanese cabinet has approved an economic stimulus plan amounting to 21.3 trillion yen, which includes 17.7 trillion yen in general expenditures, marking the largest scale since the COVID-19 pandemic. This policy has raised concerns in the market regarding fiscal conditions, leading to a depreciation of the yen and a rise in government bond yields. The plan is scheduled to be submitted to the Diet for deliberation on November 28.

Odaily News Wall Street investment bank JPMorgan stated that the market performance of Bitcoin treasury company Strategy has been relatively poor recently, and the recent market decline has led to increasing concerns that index provider MSCI may remove the company from key stock indices on January 15, 2026. Analysts believe that if MSCI removes Strategy, it could further impact the crypto market and exacerbate fluctuations, while losing the status as a major index component will also damage Strategy's reputation and raise doubts in the market about its financing capabilities in the stock and bond markets. (CoinDesk)

Bond investors follow the upcoming non-farm payroll report, which may affect Fed rate cut expectations. Experts point out that if the data falls short of expectations, market reactions will be more pronounced, and changes in the unemployment rate will become a key indicator.

According to ChainCatcher news, Jin10 reports that the Fed meeting minutes show that the SOMA (Open Market Operations account) manager suggested that the Fed should stop the balance sheet reduction as soon as possible, pointing out that excessive fluctuations in the repurchase market will pose risks to the Fed's interest rate control and the Treasury bond market.