{"id":40472,"date":"2025-08-05T09:46:55","date_gmt":"2025-08-05T09:46:55","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40472"},"modified":"2025-08-05T09:46:55","modified_gmt":"2025-08-05T09:46:55","slug":"a-year-ago-today-bitcoin-hit-49k-on-yen-carry-trade-unwind-now-its-up-130","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40472","title":{"rendered":"A Year Ago Today, Bitcoin Hit $49K on Yen Carry Trade Unwind, Now It’s Up 130%"},"content":{"rendered":"
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One-year ago today, markets were rattled by the unwind of the yen carry<\/a> trade. As Japan shifted toward a tighter monetary policy and bond yields rose, the strategy of borrowing in a low-interest currency like the yen to buy higher-yielding assets became less attractive.<\/p>\n

At the time, capital rapidly fled risk assets. Bitcoin (BTC) fell sharply, dropping nearly 30% to $49,000, a level previously seen at the time of the U.S. spot ETF debuts in January 2024. <\/p>\n

Since then, however, the largest cryptocurrency by market cap has rebounded strongly, rallying over 130% in the past year. Traditional markets also performed well, with the S&P 500 rising 24% and gold appreciating 40%, reflecting growing demand for both risk and defensive assets. <\/p>\n

In contrast, the dollar index<\/a> (DXY), a gauge of the U.S. currency against a basket of peers, has weakened to just under 100 from 103 as returns on long-dated bonds marched higher. The U.S. 10-year yield increased to 4.2% from 3.7%, while the 30-year rose to 4.8% from 4.0%. The shifts were amplified by international interest-rate moves, with the U.K.\u2019s 30-year yield climbing to 5.3% from 4.3% and Japan\u2019s soaring to above 3% from 1.9%. <\/p>\n

Despite the price volatility, long-term bitcoin holders have steadily increased their share of supply. <\/p>\n

According to Glassnode’s HODL<\/a> Waves chart, which visualizes the distribution of bitcoin supply by age, each colored band represents the percentage of BTC in existence that last moved within a specific time range. The bands collectively show how long coins have been held, offering insight into investor behavior and conviction over time.
The 7-to-10-year cohort now holds over 8%, up from 4% a year ago, while 6 to 12-month holders have increased from 8% to 15%. This suggests longer-term holders remain confident and are still accumulating, while newer investors entered the market during the rally. <\/p>\n

While a greater percentage of supply is now held by sub-3-month holders than in 2024, indicating many buyers have likely entered at higher prices, possibly chasing tops rather than buying the lows. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

One-year ago today, markets were rattled by the unwind of the yen carry trade. As Japan shifted toward a tighter monetary policy and bond yields rose, the strategy of borrowing in a low-interest currency like the yen to buy higher-yielding assets became less attractive. At the time, capital rapidly fled risk assets. Bitcoin (BTC) fell […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-40472","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40472"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40472\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}