Japan’s 10-year government bond yields surged to 1.98% in December 2025, the highest level since the 1990s. It comes as markets braced for the Bank of Japan’s (BOJ) policy meeting on December 19.

The move has triggered a global rally in precious metals, with gold and silver surging 135% and 175%, respectively, since early 2023. Meanwhile, Bitcoin is under pressure as forced selling intensifies across Asian exchanges, highlighting a divergence in market reactions to Japan’s rate shift.

Japan’s Bond Yields Hit 1.98%

For decades, Japan maintained near-zero interest rates, anchoring global liquidity through the yen carry trade.

Investors borrowed yen at a low rate to fund higher-yielding assets worldwide, effectively exporting ultra-low interest rates.

An expected 25-basis-point hike, raising the rate to 0.75%, may appear modest in absolute terms, but the pace of change matters more than the level.

“Carry trade at risk: Nobody knows when the real consequences will materialize, but this continued shift will likely drain liquidity from markets, potentially causing a ripple effect through margin calls and other forced deleveraging,” warned Guilherme Tavares, CEO at i3 Invest.

Analysts see the BOJ move as more than a domestic adjustment.

“When Japan’s yields move, global capital pays attention. Gold and silver aren’t reacting to inflation headlines. They’re pricing sovereign balance sheet risk. Japan isn’t a sideshow anymore. It’s the fulcrum,” noted Simon Hou-Vangsaae Reseke.

Gold and Silver Prices Surge Amid Rising Sovereign Risk

Precious metals have been closely tracking Japanese yields. According to Global Market Investor, gold and silver are moving almost perfectly in line with Japanese government bond yields. This suggests that precious metals are being used as a primary hedge against the rising cost of government debt.

“It’s not the yield itself, it’s what the move represents — rising sovereign risk, tighter global liquidity, and uncertainty about currency credibility. Gold responds as protection, and silver follows with more volatility,” commented analyst EndGame Macro.

The silver market is showing signs of speculative mania. The China Silver Futures Fund recently traded 12% above the physical metal it tracks, indicating that demand for leveraged exposure is outpacing the underlying asset.

⚠️ Silver market mania is an UNDERSTATEMENT:

The China Silver Futures Fund was trading +12% above the actual value of the silver it is supposed to track

Investors are buying the fund much faster than the silver behind is rising, a sign of SPECULATION. 👇https://t.co/8kAngXV9CH

— Global Markets Investor (@GlobalMktObserv) December 17, 2025

Investors are increasingly treating gold and silver as hedges against broader macro risks, rather than just inflation.

Bitcoin Faces Pressure as Carry Trades Unwind

Meanwhile, the Bitcoin price is feeling the strain of tightening yen liquidity.

“Asia-based exchanges have seen persistent spot selling. Miner reserves are falling — forced selling, not choice…Long-term Asian holders appear to be distributing…Price stays heavy until forced supply is cleared,” wrote CryptoRus, citing XWIN Research Japan.

US institutions continue buying, with the Coinbase Premium positive, but forced liquidations in Asia and an 8% drop in Bitcoin hashrate have added downward pressure.

Past BOJ rate shifts have coincided with significant BTC declines, and traders are watching closely for further downside toward $70,000.

THE BANK OF JAPAN MIGHT BE BITCOIN’S BIGGEST ENEMY

Japan holds the most US debt.
Every time they hike, Bitcoin bleeds:

March 2024: -23%
July 2024: -30%
Jan 2025: -31%

Next hike: Dec 19
Next move: loading…

If the pattern repeats, $70K is in play. pic.twitter.com/R5916R702I

— Merlijn The Trader (@MerlijnTrader) December 14, 2025

The contrasting reactions of precious metals and Bitcoin highlight differences in risk positioning. Gold and silver are attracting safe-haven flows amid growing sovereign risk, while Bitcoin faces liquidation-driven price pressure.

Analysts note that future Fed rate cuts may offset the BOJ’s impacts, but the speed of the policy change is crucial.

The post Japan’s Bond Yields Hit 1.98%: BOJ Rate Shift Impacts Gold, Silver, and Bitcoin appeared first on BeInCrypto.

Binance has launched a whistleblower reward of up to $5 million as part of a sweeping crackdown on fraudulent third-party “listing agents.”

The exchange warns crypto projects that any individual claiming to influence listings on the exchange is operating illegally.

Binance Offers $5 Million Whistleblower Reward as It Cracks Down on Fake Listing Agents

The announcement, published Wednesday in a transparency update, comes at a sensitive moment for the world’s largest cryptocurrency exchange.

Binance faces heightened scrutiny over its listing practices following alleged insider trading incidents linked to leaked token information.

$year of yellow fruit
0x2fe3731d8b61515aad65757c7cab8042c43a4444
Trades and Price Chart:https://t.co/MOHKDeoL43
"year of yellow fruit" comes from a Binance Futures tweet:
“The year of the yellow fruit and harvest! Plant wisely. Harvest abundantly.”Before this tweet was posted,… pic.twitter.com/1aHMu7TWkw

— Nineteen (@nineteenthvibe) December 7, 2025

In its notice, Binance reiterated that all token listing applications must be submitted exclusively through its official channels, covering Binance Alpha, Futures, and Spot markets.

The exchange stressed that it does not authorize external brokers, consultants, or intermediaries to negotiate, facilitate, or guarantee listings.

“Any party claiming to represent Binance or offering listing-related services in exchange for payment is engaging in fraudulent behavior,” the company said.

Blacklist and Internal Audit Findings

The exchange revealed that an internal audit uncovered repeated cases of individuals and firms misrepresenting themselves as Binance-connected facilitators while soliciting fees from project founders.

As a result, the exchange has blacklisted seven entities and individuals, including:

• BitABC
• Central Research
• May/Dannie
• Andrew Lee
• Suki Yang
• Fiona Lee, and
• Kenny Z

According to Binance, these parties were identified for falsely implying relationships with the exchange or offering paid listing services. The company said legal action would be pursued “where appropriate.”

Blockchain data provider RootData shows that one of the blacklisted groups, Central Research, has previously backed several crypto projects, including Fireverse, Nebula Revelation, AKI Network, Fusionist, and Artyfact.

Of those, only Fusionist (ACE) currently trades on Binance. The exchange did not draw any connection between the blacklist findings and prior listing decisions.

To encourage reporting, Binance said whistleblowers who provide verifiable evidence of fraudulent activity could receive rewards of up to $5 million, depending on the quality and impact of the information submitted.

Binance Tightens Listing Rules Amid Insider Trading Fallout

As part of the update, Binance published a detailed breakdown of how projects progress through its listing ecosystem, from early-stage exposure on Binance Alpha to Futures and eventual Spot listings.

The exchange emphasized that it does not charge fees for listing applications and that all communications must come directly from a project’s core team.

Projects found to have used intermediaries or middlemen will be immediately disqualified from current and future listing reviews, Binance warned. However, teams that proactively report fraudulent agents may receive priority consideration.

The announcement follows Binance’s confirmation earlier this month that an employee leaked confidential listing information related to the “year of the yellow fruit” meme coin. The exchange’s co-CEO, Yi He, had addressed the incident.  

“Currently, the community is engaging in community behavior unrelated to Binance by issuing coins based on Binance’s official Twitter, my statements, or words excerpted from posts. But we cannot stop posting just because someone might come looking for angles,” she said.

Binance also disclosed that it distributed $100,000 in rewards to five whistleblowers who helped expose the misconduct.

Taken together, the blacklist, bounty program, and stricter enforcement signal a broader effort by Binance to rebuild trust around its listing process.

This is at a time when exchanges face increasing pressure to demonstrate transparency, internal controls, and fair market practices.

The post Binance Puts $5 Million Bounty on Fake Listing Agents as Scrutiny Intensifies appeared first on BeInCrypto.

Binance co-founder Changpeng “CZ” Zhao has stepped in to quash rumors of a romance swirling around his brief interaction with a female KOL at Binance Blockchain Week in Dubai.

The speculation traces back to December 4, when CZ faced off against gold advocate Peter Schiff in a much-anticipated debate. During the session, Tintin—a crypto influencer affiliated with the Aster project—walked onstage.

CZ Claps Back

She handed CZ a “magic box” containing a heavy gold item. This moment was captured on video and later amplified when Tintin tweeted that the box was “real f**king heavy.” The moment has since become the most replayed segment of the debate’s YouTube video.

What started as a lighthearted promotional stunt quickly morphed into gossip fodder across Chinese-speaking crypto communities. Some users began spinning tales of a romantic connection between the two.

还有瓜和我有关系？行情太淡，大家没事干了？🤣

看了一下，和Tintin所有的互动：发过3条信息来回，见面聊了10分钟。

和Peter辩论前，见了几个KOL，包括Tintin。刚好想有人递给我盒子更好。就临时决定的。之前没有安排。

大家关心其他人吧。听说那个谁和谁。。。 😂 https://t.co/Y4k9zqI1jC

— CZ 🔶 BNB (@cz_binance) December 14, 2025

CZ, never one to let rumors fester, addressed the speculation head-on in a post on X.

“There’s gossip about me now? The market must be really slow—everyone’s got nothing better to do,” he quipped.

He then laid out the facts: his entire interaction with Tintin consisted of exchanging three messages and meeting for about 10 minutes before the debate. The decision to have someone hand him the box onstage was made on the spot—there was no prior arrangement.

“Go pay attention to someone else. I heard somebody and somebody…” he added, deflecting with a hint of sarcasm.

Timing Raises Eyebrows

The rumors emerged just days after Yi He, CZ’s long-term partner and the mother of his three children, was elevated to co-CEO of Binance on December 3. The appointment, announced by CEO Richard Teng at Binance Blockchain Week, marked the exchange’s most significant leadership shake-up since CZ stepped down in 2023.

When asked about potential conflicts between her personal and professional roles, Yi He drew a clear boundary.

“My personal life is independent from my professional life,” she told reporters in Dubai. “My achievements and capabilities as co-founder are often overlooked with my personal life in question.”

Meanwhile, CZ Keeps Busy in Pakistan

Romance rumors aside, CZ has been focused on expanding Binance’s global footprint. On December 12, he visited Pakistan alongside Binance CEO Richard Teng and Tron founder Justin Sun for meetings with Finance Minister Muhammad Aurangzeb.

The visit coincided with a major regulatory milestone: Pakistan’s Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates to both Binance and HTX, clearing the path for the exchanges to pursue full licensing in the country.

In the car, my roaming didn’t work, so I borrowed Justin’s hotspot, bought an eSIM, PAID IN CRYPTO. He said he learned something new. https://t.co/DwYW8c5jRO

— CZ 🔶 BNB (@cz_binance) December 12, 2025

“A meaningful milestone for Binance in Pakistan,” Teng said on X, noting that the exchange has obtained AML registration from PVARA. “Looking forward to building a safe, transparent, and future-ready digital-asset ecosystem together.”

CZ has served as an adviser to the Pakistan Crypto Council since April 2024, and the South Asian nation appears eager to position itself as a crypto-friendly jurisdiction in the region.

As for the Tintin rumors? It seems CZ has already moved on—even if the crypto gossip mill hasn’t.

The post CZ Denies Romance Rumors With KOL: “3 Messages, 10 Minutes—That’s All” appeared first on BeInCrypto.

Experts are increasingly signaling a potential crypto bull run in the first quarter (Q1) of 2026, driven by a convergence of macroeconomic factors.

Analysts suggest Bitcoin could surge between $300,000 and $600,000 if these catalysts materialize.

Five Macro Trends Fueling a Potential Rally in Q1 2026

A combination of five key trends is creating what analysts describe as a “perfect storm” for digital assets.

1. Fed Balance Sheet Pause Removes Headwind

The Federal Reserve’s quantitative tightening (QT), which drained liquidity throughout 2025, ended recently.

Simply halting the liquidity drain is historically bullish for risk assets. Data from previous cycles suggest Bitcoin can rally up to 40% when central banks stop contracting their balance sheets.

Analyst Benjamin Cowen indicated that early 2026 could be the time when markets begin to feel the impact of the Fed ending its QT.

In 2019, the Fed announced QT would end on August 1st.

The balance sheet of the Fed continued dropping in August despite QT having officially ended because the last round of treasury maturities did not settle until mid August.

Just because QT ends December 1st does not mean the…

— Benjamin Cowen (@intocryptoverse) December 1, 2025

2. Rate Cuts Could Return

The Federal Reserve recently cut interest rates, with its commentary and Goldman Sachs forecasts indicating interest rate cuts could resume in 2026, potentially bringing rates down to 3–3.25%.

Goldman: "We expect another Fed cut in December, followed by two more moves in March and June 2026 that take the funds rate to 3-3.25%."

— zerohedge (@zerohedge) November 23, 2025

Lower rates typically increase liquidity and boost appetite for speculative assets such as cryptocurrencies.

3. Improved Short-End Liquidity

Increased Treasury bill purchases or other support at the short end of the yield curve could ease funding pressures and reduce short-term rates. The Fed says it will start technical buying of Treasury bills to manage market liquidity.

“[buying is] solely for the purpose of maintaining an ample supply of reserves over time, thus supporting effective control of our policy rate…these issues are separate from and have no implications for the stance of monetary policy,” said Fed Chair Jerome Powell.

The Fed periodically comes in during short-term funding markets amid instances of liquidity imbalances. These imbalances manifest in the overnight repo market, where banks borrow cash in exchange for Treasuries.

Recently, multiple indicators point to a rising short-term funding pressure, including:

• Money market funds sitting on elevated levels of cash,
• T-bill issuance tightening as the Treasury shifted its borrowing mix, and
• Increasing seasonal demand for liquidity.

The Fed initiated a controlled purchase plan of Treasury bills to prevent short-term interest rates from deviating from the target Federal Funds Rate. These are the shortest-maturity government securities, typically ranging from a few weeks to one year in duration.

While not a classic QE move, this measure could still serve as a significant liquidity tailwind for crypto markets.

For Q1 2026, the broader implications for risk assets, such as crypto and equities, are generally positive but moderate, stemming from a shift in Fed policy toward maintaining or gradually expanding liquidity.

4. Political Incentives Favor Stability

With US midterm elections scheduled for November 2026, policymakers are likely to favor market stability over disruption.

This environment reduces the risk of sudden regulatory shocks and enhances investor confidence in risk assets.

“If the stock market in the USA falters before the midterm elections, the current US administration will be held accountable – hence they will do everything they can to keep things going in equities (and crypto,” wrote macro researcher Thorsten Froehlich.

5. The Employment “Paradox”

Weakening labor market data, such as soft employment or modest layoffs, often triggers dovish Fed responses.

Softer labor conditions increase pressure on the Fed to ease policy, indirectly creating more liquidity and favorable conditions for cryptocurrencies.

Expert Outlook Suggests Bullish Sentiment Growing

Industry observers are aligning with the macro view. Alice Liu, Head of Research at CoinMarketCap, forecasts a crypto market comeback in February and March 2026, citing a combination of positive macro indicators.

“We are going to see a market comeback in Q1 of 2026. February and March will be a bull market again, based on a combination of macro indicators,” Binance reported, citing said Alice Liu, Head of Research, CoinMarketCap

Some analysts are even more optimistic. Crypto commentator Vibes predicts Bitcoin could reach $300,000 to $600,000 in Q1 2026. This reflects extreme bullish sentiment amid improving liquidity and easing macro conditions.

CRYPTO IS ABOUT TO HAVE THE BIGGEST PUMP WE'VE EVER SEEN IN OUR LIVES

I'M EXPECTING ANYWHERE BETWEEN $300K AND $600K IN Q1 2026

— Vibes (@Vibesmetax) December 14, 2025

Currently, market participation remains muted. Bitcoin open interest has declined, reflecting cautious trader sentiment.

However, if these macroeconomic tailwinds materialize, consolidation could quickly give way to a significant surge, setting the stage for a historic start to 2026 in the crypto markets.

The post 5 Reasons Q1 2026 Could Spark the Biggest Crypto Bull Run Yet appeared first on BeInCrypto.

Yi He, who was named Binance co-CEO on Wednesday, offered blunt advice for women navigating the corporate world: drop the soft-skill crutches and build undeniable expertise.

Speaking to reporters in Dubai just hours after her appointment was announced at Binance Blockchain Week, Yi He reflected on what it takes for women to succeed in male-dominated industries.

Professional Excellence Over Gender Advantages

Her message cut against conventional wisdom about leveraging “feminine” strengths—and resonated with a career that took her from a rural village in Sichuan province to the top of the world’s largest crypto exchange.

“The biggest barrier for women isn’t which industry they’re in—it’s the mental ceiling they set for themselves,” Yi He said.

She cautioned against over-relying on perceived gender advantages such as communication skills or likability.

“When you lean on these soft skills, people respect your charm rather than your expertise. That ultimately undermines your professional credibility.”

Her message was unequivocal: in business competition, being female earns no leniency.

“It’s white knife in, red knife out,” she said, using a Chinese idiom for brutal competition. “Nobody slows down because you’re a woman. If anything, the attacks can be harsher.”

The key, she emphasized, is to become the absolute best in your field—whether in marketing, growth, or content—so that colleagues and competitors alike respect your professional capability above all else.

A Consistent Message on Female Leadership

Yi He’s remarks echo views she has expressed before. In a 2023 interview, she urged women to “forget your gender” and focus instead on becoming good business leaders. “Don’t focus on the fact that you’re a woman in a man’s world,” she said. “Never set a limit on yourself.”

Later that year, in another interview, she attributed the underrepresentation of women in leadership to societal expectations that discourage them from pursuing top positions. “Many women do not speak out or pursue leadership positions because they were not encouraged to do so by their families, schools, or friends,” she said at the time.

何一谈女性职业发展：商业竞争中从无“性别让步”可言

2025 年 12 月 3 日，币安联合创始人何一成为新的币安联席 CEO 后，在迪拜举办的 2025 币安区块链周上接受媒体群访，接受 Blockbeats… pic.twitter.com/1utwcYc7tz

— 吴说区块链 (@wublockchain12) December 5, 2025

Her advice then, as now, centered on seizing opportunities proactively. “Women in tech or other new industries can be bolder and take more risks,” she noted. “They will never know what they can do unless they jump into it.”

Dual Leadership for Binance’s Next Chapter

Yi He’s appointment as co-CEO was announced by Richard Teng during his keynote at Binance Blockchain Week, where the co-CEOs outlined an ambitious roadmap for the exchange. The dual leadership structure pairs Yi He’s product innovation expertise with Teng’s background in regulated financial markets.

Teng called her promotion “a natural progression,” highlighting her role in shaping Binance’s user-first culture since its 2017 founding. The exchange now approaches 300 million users and has set a target of one billion.

When asked about the potential influence of the founder and her partner in a long-term relationship, Changpeng Zhao, Yi He drew a clear line:

“My personal life is independent from my professional life. My achievements and capabilities as cofounder are often overlooked with my personal life in question. Binance has nearly 300 million users who trust us for upholding our core values—looking after their interests, protections, and 1:1 backing for every user asset.”

The exchange now approaches 300 million users and has set a long-term target of one billion. Teng said Binance aims to become a “Super App” bridging centralized and decentralized finance. The company is also deepening partnerships with major institutions, including BlackRock and Franklin Templeton. On the compliance front, Binance blocked nearly $7 billion in potential scams in 2025. It continues to pursue regulatory approvals worldwide.

The post Yi He to Women: “No One Goes Easy on You in Business” appeared first on BeInCrypto.

Bitcoin’s sharp correction from $110,000 to around $80,000 is linked to heavy selling by early whales with cost bases near $16,000. CryptoQuant CEO Ki Young Ju notes that on-chain metrics indicate Bitcoin is now in the “shoulder” phase of its cycle, suggesting limited short-term upside potential.

This selling is overwhelming institutional demand from ETFs and MicroStrategy, shaping the cryptocurrency’s 2025 outlook. In an interview with Upbit’s Upbitcare, Ju provides a data-driven look at the shifting landscape for Bitcoin investors and the forces affecting its current market structure.

Early Bitcoin Whales Fuel Selling Pressure

Ki Young Ju explains that today’s market is shaped by a contest between two main whale groups. Legacy whales, holding Bitcoin with an average cost basis near $16,000, have begun to realize hefty profits, selling at a rate measured in hundreds of millions of USD each day. This persistent selling has exerted intense downward pressure on Bitcoin’s price.

At the same time, institutional whales via spot Bitcoin ETFs and MicroStrategy have accumulated significant positions. Yet, their buying power has not matched the scale of early whales’ sell-offs. According to Ju, wallets holding over 10,000 BTC for more than 155 days typically have an average cost basis of around $38,000. Binance traders entered positions around $50,000, so many market participants are in profit and can sell if needed.

The CryptoQuant CEO points out that spot ETF and MicroStrategy inflows had boosted the market earlier in 2025. However, those flows have now declined. Outflows have started to dominate the market landscape. For example, data from Farside Investors showed Bitcoin ETFs recorded $42.8 million in net inflows on November 26, 2025, lifting cumulative inflows to $62.68 billion. Despite these figures, the sustained selling from early whales outweighs institutional accumulation.

Market Cycle Analysis Signals Limited Upside

On-chain profit-and-loss metrics offer crucial insights into market cycles. Ju’s analysis using the PnL index with a 365-day moving average reveals that the market has entered a “shoulder” phase. This late-cycle status indicates constrained growth potential and increased risk of a correction.

The valuation multiplier reflects a neutral-to-flat outlook. In previous cycles, each new dollar drove amplified market-cap growth. Now, that multiplier effect has faded. This suggests market leverage is less efficient, and the structure does not support significant gains.

Ju does not expect a dramatic 70-80% crash. Still, he considers corrections up to 30% reasonable. A drop from $100,000 could mean Bitcoin falling to about $70,000. He uses data from OKX futures long-short ratios, exchange leverage ratios, and buy-sell flow patterns to support this view.

Ju underscores the importance of a data-driven approach. In a recent post, he urged traders to use metrics for conviction, not speculation. His focus remains on interpreting on-chain data, exchange activity, and market structure.

Never trade without data. pic.twitter.com/JnAtLwpdGa

— Ki Young Ju (@ki_young_ju) November 27, 2025

This comprehensive analysis provides a grounded assessment based on on-chain evidence. As early Bitcoin whales continue to sell at profits, institutions face a harsh climate. With high leverage ratios, neutral valuation multipliers, and a late-cycle stance, the market has limited potential for a major rally in the near future.

The post Bitcoin Downtrend Driven by Early Whale Selling, Says Ki Young Ju appeared first on BeInCrypto.