10X Research "BTC set for further decline"

"Bitcoin attempted to rally yesterday after the Bank of Japan hinted at a pause in interest rate hikes, but ultimately failed as outflows from spot ETFs and stablecoins continued," crypto market analyst 10x Research said in a recent report. "We also saw further selling from crypto market maker Jump Trading the day before. BTC encountered resistance at $56,000-57,000 and the rally failed to sustain. Japan's central bank only paused its rate hike, and it could hike again. Even if the market manages to avoid liquidating the yen carry trade (a financial technique that involves borrowing low-interest yen and investing in foreign bonds or stocks with higher interest rates or higher yields), the downside risks to the Nasdaq will persist, and BTC could see further declines."

Meanwhile, Japanese publicly traded company Metaplanet, which has Bitcoin as a major asset, reported on Official X that "Metaplanet has borrowed 1 billion yen (approximately $9.4 billion) at a 0.1% interest rate, which will be used to fund additional BTC purchases." Metaplanet recently announced that it would issue 10 billion yen worth of warrants (BW) to buy more BTC.