The Wire PM — June 6, 2026

The Wire PM — June 6, 2026

Lubin-Linked Wallet Moves 110,000 ETH to Defend a MakerDAO Vault A wallet tied to Ethereum co-founder Joseph Lubin moved about 110,000 ETH on Saturday after more than three years of inactivity, and onchain analysts read it as defensive, not a sale. The ETH was wrapped into WETH and added as collateral to a MakerDAO vault carrying more than $200 million in DAI debt, lifting the position's health factor back above 1.16 after ether slipped under $1,600. Neither Lubin nor Consensys confirmed the wallet is his. It is a live example of the mechanic that sits under every leveraged DeFi position: when collateral falls, you either add more or you get liquidated, and our risk scores weigh liquidation exposure before headline APY. (The Block)

Bitcoin Erases Every Gain Since Trump's Reelection Bitcoin has now given back all of the rally that followed President Trump's November 2024 reelection, trading near $60,600 after dropping more than 50% from its 2025 peak. The selloff that pushed it under $60,000 on Friday has steadied rather than reversed, with spot ETFs still working off two weeks of outflows. The round trip is a reminder that macro positioning, not crypto-native demand, has been driving this tape. (Decrypt)

Strategy Shares Hit a Four-Month Low as Its Preferred Stock Cracks Strategy fell to a four-month low on Friday as bitcoin sank under $60,000 and the firm's STRC preferred stock came under pressure alongside the common shares. The move extends a theme from this morning's wire: treasury wrappers built on weak collateral are repricing fast, while treasuries tied to stronger tokens have held up better. The wrapper does not protect you from the asset inside it. (Decrypt)

Terra Luna Classic's Holdouts Are Still There, Four Years On A small community is still holding Terra Luna Classic almost four years after the collapse that wiped out roughly $40 billion and the project's own founder walked away. The token trades on hope of a comeback that the fundamentals have never supported. For a yields audience the lesson is blunt: a yield is only as durable as the protocol paying it, and some protocols never recover. (Decrypt)

Numbers (Updated)

• BTC: $60,588 (+2.2% / 24h)
• ETH: $1,556 (+0.5% / 24h)
• SOL: $61.71 (-1.6% / 24h)
• Solana DeFi TVL: $4.69B
• Top USDC yield (Solana): Kamino main market about 3.5%, down from this morning as borrow demand thinned

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