A Year Ago Today, Bitcoin Hit $49K on Yen Carry Trade Unwind, Now It's Up 130%

Description

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 sharply, dropping nearly 30% to $49,000, a level previously seen at the time of the U.S. spot ETF debuts in January 2024. Since then, however, the largest cryptocu...