Bitcoin defends the 78K line while fresh catalysts build underneath.

Thailand's SEC just opened public comment on draft rules for spot $BTC and $ETH ETFs — another Asian gateway testing institutional demand.

Macro tailwind: Fed's Barkin warns rising US debt may scare bond buyers away. Capital hunting alternatives has historically favored hard assets.

Quick market scan:

• $XRP's vertical rebound stalled hard — two days of gains erased at resistance

• Cross-exchange spread alert: RVN shows a ~3% price gap between major venues

• No visible liquidation cascade — this reads like consolidation, not capitulation

Quiet tape, loud implications. Is sovereign debt stress the stealth bull case for crypto? 👀