By James Van Straten (All times ET unless indicated otherwise)
Bitcoin (BTC) bulls still seem to be in control. The largest cryptocurrency posted a record-high daily close on Tuesday, at $106,830, as it extends its strong upward momentum with minimal pullbacks, putting the previous all-time high of just over $109,000 from Jan. 20 well within reach.
This price action has significantly boosted bitcoin-leveraged equities, with Japan’s MetaPlanet (3350) standing out—its stock has surged 160% in 2025 alone. Strategy (MSTR), the poster boy for bitcoin buying, has added 44%.
MetaPlanet has repeatedly hit Japan’s daily limit-up threshold within minutes of market open, effectively freezing upward trading for the day and fueling what resembles a slow-motion short squeeze.
Speculation around MetaPlanet’s aggressive bitcoin accumulation, as indicated by metrics like Days to Cover mNAV , is driving investor frenzy. Still, CEO Simon Gerovich recently posted on X that MetaPlanet is now the most shorted stock in Japan, with 25% of outstanding shares held short.
Meanwhile, macroeconomic conditions add to the complexity.
Japanese bond yields are spiking, with the 30-year yield climbing above 3.1% and the 10-year surpassing 1.5% — the highest since 2008. In the U.K., inflation unexpectedly climbed to a 15-month high , pushing the 10-year gilt yield toward the critical 5% level.
With bitcoin nearing new highs amid rising global yields and persistent inflationary pressures, markets are entering a phase of heightened volatility that demands keen attention. Stay alert!
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