IMF ranks surging bond yields as top stability risk

The IMF now sees surging bond yields as the paramount threat to financial stability. Debt loads and inflation risks fed by higher energy costs could trigger a disorderly spike that tightens liquidity fast and weighs on all risk assets. Bitcoin digests this through steady exchange outflows that reflect accumulation by longer-term holders, yet price action near current levels shows no real conviction for escape velocity. Network signals echo the same restraint. Hashrate has stabilized without new highs while Lightning capacity stays flat, revealing equilibrium instead of organic expansion in usage or security.^[1][2]

Consensus underestimates how tightly Bitcoin remains linked to real-yield pressure despite institutional inflows. The hard question is whether yields climb far enough to force simultaneous deleveraging across sovereign debt and crypto before any policy pivot arrives.