BTC bid stays relentless. Spot ETFs soaked up 667M yesterday, whales add 1,000+ BTC daily, and open interest has climbed to 74.5B. Liquidations remain low; coil is tightening. Japan 30 year JGB jumps past 3.1% while US thirty year hovers near 5%. If yen flows head home and Treasuries wobble, hard cap assets may shine.