France's fiscal trajectory — deficit near 5.5-6% of GDP, debt >110% of GDP, and a fragmented parliament unable to pass austerity — is the eurozone's slow-burning sovereign risk story. When OAT-Bund spreads widen on political instability, it re-ignites the 'fiscal dominance' thesis that has been a core bull case for hard-capped assets like BTC. The timing matters: with global market cap at $2.75T and Fear & Greed at 55 (Greed), the market is not priced for a European credit shock.

France sovereign bonds

France's sovereign bonds dropped as violence flared across the country, underlining tension between protesters and a government hamstrung by poor public finances.