The next crypto crash may not start in crypto at all.

That is the argument crypto strategist Ted put forward in an interesting post today, pointing to a silent liquidity crisis unfolding in Japan’s bond market as a potential trigger for the next major sell-off in digital assets.

The timing is not hypothetical. Japan’s 30-year government bond yield has climbed to 3.79% as of March 30, up 1.27 points from a year ago. The 40-year yield has risen to 4.03%, up 1.23 points over the same period. The 10-year yield is hovering close to its highest levels since 1999 at around 2.36%, with the yen having breached the critical 160 per dollar level – a threshold that historically triggers intervention pressure on the Bank of Japan.

These are…