[Analysis: Panic in Japan's Government Bond Market Spreads to Crypto Market] According to CoinDesk, panic in Japan's government bond market has spread to the cryptocurrency market. On Tuesday, the 30-year Japanese government bond yield surged over 30 basis points to 3.91%, hitting a 27-year high and triggering a global sell-off in risk assets. The head of commodity strategy at Saxo Bank pointed out that Japan has long been one of the most reliable sources of global liquidity. The continued surge in its government bond yields indicates that this support is fading, leading to a tightening of global liquidity. This shift, combined with factors such as Trump's tariff threats, has heightened market risk aversion. As a result, Bitcoin's price fell below $91,000, while gold and silver continued to hit record highs. Analysts believe that the Bank of Japan has limited policy options, and any attempt to suppress yields or tighten monetary policy could further exacerbate global liquidity tensions. The market is concerned that the continued rise in yields could ultimately trigger a 'breakdown' in the financial system.