According to @DowdEdward, BlackRock says bonds no longer provide reliable portfolio protection as long term yield spikes tied to U.S. tariff risks are lifting volatility (source: @DowdEdward citing BlackRock via @DeItaone). BlackRock highlights Japan as the most affected and remains underweight long duration U.S. Treasuries and Japanese government bonds, signaling reduced exposure to interest rate risk (source: @DowdEdward citing BlackRock via @DeItaone). For traders, this stance favors shorter duration or alternative hedges over long dated sovereign exposure while monitoring tariff policy shocks to rates (source: @DowdEdward citing BlackRock via @DeItaone).

According to @KobeissiLetter, liquidity in Japan’s government bond market has collapsed as the JGB Liquidity Index jumped to 9.5 on Tuesday, marking the worst liquidity conditions on record (source: @KobeissiLetter). The post adds that the index has doubled over the past 12 months and that stress is unfolding in a roughly $7.6 trillion market, a backdrop that flags higher execution risk for rates strategies and warrants close monitoring of cross-asset liquidity, including FX and crypto risk proxies (source: @KobeissiLetter).

According to @Andre_Dragosch, Bitcoin (BTC) functions as a 'CDS' on sovereign bonds, a view he reposted in light of the latest Japanese government bond (JGB) market developments (source: @Andre_Dragosch on X, Dec 10, 2025). According to @Andre_Dragosch, this framing implies BTC reflects rising sovereign credit stress, with particular relevance when JGB markets experience dislocations or heightened volatility (source: @Andre_Dragosch on X, Dec 10, 2025). According to @Andre_Dragosch, BTC’s macro role should be interpreted through sovereign risk dynamics during bond market turbulence (source: @Andre_Dragosch on X, Dec 10, 2025).