Bitcoin’s Unexpected Inverse Link to Dollar-Yen: Challenging Carry Trade Theory Amidst Macro Shifts
Bitcoin’s price has demonstrated an unusually strong negative 52-week correlation with the dollar-yen (USD/JPY) exchange rate. This means as the Japanese yen weakens against the US dollar, Bitcoin’s value tends to decline. This observed pattern directly contradicts the conventional ‘carry trade’ theory, which suggests a different dynamic between the yen and risk assets like cryptocurrencies. … Read more


