Global markets have shifted to a risk-off mode due to rising Japanese government bond volatility and renewed US-Europe tariff tensions, impacting investor sentiment and equity markets. QCP Asia notes that Japan's bond market stress is transmitting globally, while tariff threats risk tightening financial conditions further. Bitcoin is acting more like a high-beta macro asset sensitive to geopolitical and interest rate risks, rather than a safe haven, likely limiting near-term upside momentum.

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