Bitcoin up 1.2% in 2025, rebounds toward $94,000 as Japan's 20-year yield climbs to about 2.947%, threatening crypto liquidity

Bitcoin has gained more than 1.2% in 2025 and recently rebounded to around $94,000. Rising Japanese government bond yields — with the two-year briefly above 1% and the 20-year near 2.947% — risk pulling hundreds of billions of dollars back home and tightening global liquidity, pressuring Bitcoin, stablecoins and other risk assets. If Japanese yields hold above 2.9%, Bitcoin could drop 5–8% as yen carry trades unwind and investors rotate toward safer markets.