The Wire — June 2, 2026

The Wire — June 2, 2026

Bitcoin Breaks Below $70,000 as Strategy Sale and ETF Exodus Accelerate

Bitcoin fell to $69,400, its lowest since April 7, after seven of eight four-hour candles printed red on Tuesday. The sell-off intensified following Strategy's (MSTR) disclosure that it sold 32 BTC worth $2.5 million to fund preferred stock distributions, its first sale since December 2022. Another $30 million in BTC was transferred to a Coinbase Prime wallet last week, raising questions about whether more sales follow. Liquidations hit $768 million in 24 hours, with an 84/16 long-short split. (CoinDesk)

Record BTC ETF Selloff Hits $3.45 Billion Over 11 Sessions While AI Stocks Surge

U.S. spot bitcoin ETFs posted their longest redemption streak since launch in January 2024: 11 straight sessions with net outflows totaling $3.45 billion. Monday alone saw $484 million exit. The money is rotating into AI and semiconductor equities, with Nvidia climbing 6%. CryptoQuant warned that bitcoin is becoming "a market of holders rather than buyers" as ETF and corporate treasury accumulation slows. (CoinDesk)

Mt. Gox Moves $739 Million in Bitcoin to New Wallet

The defunct exchange transferred 10,422 BTC worth $739 million to two addresses tracked by Arkham Intelligence as the October 2026 repayment deadline approaches. Previous Mt. Gox wallet movements have historically correlated with short-term price pressure, though not all transfers have resulted in immediate distributions to creditors. (CoinDesk)

MoneyGram Launches MGUSD Stablecoin on Stellar

MoneyGram debuted its dollar-backed stablecoin MGUSD on the Stellar network, targeting its global payments infrastructure for digital dollar settlement. The move puts another legacy payments company into the stablecoin race alongside Tether, Circle, and PayPal. MoneyGram processes billions in annual cross-border transfers, giving MGUSD an immediate distribution channel that most crypto-native stablecoins lack. (The Block)

Vitalik Buterin Proposes Options-Based Synthetic Assets to Replace Liquidation Mechanisms

The Ethereum co-founder published a new research piece proposing synthetic assets backed by options contracts rather than traditional collateral-and-liquidation models. The design would eliminate cascading liquidation spirals that have drained hundreds of millions from DeFi lending protocols in recent months. If adopted, the approach could fundamentally change how lending and synthetic asset protocols manage risk. (The Block)

DeFi TVL Drops to $78 Billion, Lowest Since October 2024

Total value locked across all DeFi protocols slid to roughly $78 billion after shedding 1.85% in 24 hours. The liquidity rebuild many expected in 2026 has not materialized, weighed down by a string of exploits including the $230 million rsETH incident and the Gnosis Pay breach. The Altcoin Season index climbed from 38 to 45 as capital rotates away from bitcoin into select altcoins. (CoinDesk)

Radiant Capital Winding Down After $50 Million Hack

The cross-chain lending protocol confirmed it cannot recover from a roughly $50 million exploit and will shut down operations. Radiant joins a growing list of DeFi protocols that failed to survive major security incidents in 2026. The closure underscores why security scoring and audit verification matter before depositing into any protocol. (The Block)

Numbers

• BTC: $69,087 (-4.3%)
• SOL: $78.75 (-2.6%)
• ETH: $1,974 (-0.7%)
• Solana DeFi TVL: $5.23B
• Top USDC yield (Solana): Kamino Lend at 6.46%

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