According to The Kobeissi Letter, Japanese private financial institutions sold $17.5 billion in long-dated foreign bonds, primarily US Treasuries, during the week ending April 4th, followed by an additional $3.6 billion the next week, marking the largest two-week sell-off since 2020 (source: The Kobeissi Letter, Twitter, April 26, 2025). This significant outflow from US Treasuries has led to increased volatility in bond yields, which could influence risk appetite across global markets, including cryptocurrencies. Traders should monitor Treasury yields for signals of liquidity shifts that may impact crypto prices and volatility.