#BTC强势反弹，牛回来了吗? #

The US Treasury Department has released the Treasury International Capital (TIC) report for March 2024.
China's holdings of US Treasury bonds in March decreased by $7.6 billion to $767.4 billion, marking the third consecutive month of decline since January 2024.
Japan increased its holdings of US Treasury bonds by $19.9 billion in March, bringing the total holdings to $1,187.8 billion.
Personal review:
We continued to reduce holdings in March, which is not surprising, after all, the price of U.S. bonds also continued to fall in March.
The problem is that Japan unexpectedly increased its holdings of US bonds in March. This happened despite the falling prices of US bonds and the significant depreciation of the yen. Moreover, Japan, with 90% of its foreign exchange reserves invested in US bonds, still significantly increased its holdings. This is completely cutting losses and feeding the hawks.
Of course, Japan only started intervening in the exchange rate in April.
In April, the Japanese holdings of US Treasury bonds are relatively crucial. I think Japan may sell some short-term bonds, but the United States will definitely employ some off-market moves to prevent Japan from selling long-term bonds.
In the past six months, the Japanese yen has continued to depreciate, and there has been a clear trend of increasing holdings of US bonds.