France's parliament approved a vote on a levy targeting crypto-to-stablecoin trades. That is a tax on the conversion rail, not a spot signal. If it lands, the cost of moving from crypto into stablecoins rises, and marginal flow can reroute through perps or venues outside the taxed path before it shows up as lower supply. The tape is already leverage-heavy. DefiLlama puts perps volume at 24.918b in 24h and 155.281b over 7d, +5.33% w/w, while DEX volume is 7.356b in 24h and -0.67% w/w. Stablecoin mcap is 301.132b, -0.83% over 7d, with USDT dominance at 60.69%. Turnover is expanding against a shrinking stablecoin float. Price action is not confirming broad allocation. $BTC is around 82,700, ETH around 2,442, and SOL around 105.75, with the move described as selective rather than uniform. The tell is whether the levy changes stablecoin conversion behavior, not whether the headline gets a one-day bounce. Risk: if the levy is delayed or watered down, the flow thesis fades. If it is implemented, watch stablecoin mcap and DEX-vs-CEX dominance for a real shift; perps volume alone is not allocation.