Spread between Chinese and JGB's appears follow Bitcoin (usd) pretty well. As expected: bitcoin is the exact opposite of a portfolio hedge, and just a call option (like Tom Lee has made the case for) for growth. Interestingly enough, falling rates appear to stimulate selling and rising rates entice buying.
I'm bearish on bitcoin because china continues to show more material weakness each month. CCP has expressed verbiage that does not want to stop the fall, but rather reduce the damage from the fall. trade accordingly.