The Wire — June 11, 2026

The Wire — June 11, 2026

Onchain Markets Price SpaceX Above $2T Ahead of Friday IPO SpaceX sets the price of its Nasdaq listing today, with shares due to start trading Friday. The company carries a private valuation near $1.77 trillion, but blockchain-based pre-IPO markets think that is light. Onchain perpetual futures from Ventuals and trade.xyz, both running on Hyperliquid, plus Polymarket's implied first-day close, have converged on a $1.8 trillion to $2.1 trillion range, per Allium data. Polymarket traders put a 64% chance on a close above $2 trillion and just 5% on a close above $3 trillion. For crypto, the listing is a live test of the claim that the IPO has been draining risk capital from the market. Prediction markets and perps are doing the price discovery here, the same primitives we track on perps LP yields. (CoinDesk)

Bitcoin ETFs Shed $2.1B in June as Outflows "Exhaust" U.S. spot Bitcoin ETFs have lost $2.1 billion in June so far, on pace with May's $2.4 billion, according to SoSoValue data. Net assets across the products fell roughly $33 billion since May 10, from $109 billion to $77 billion, tracking Bitcoin's 27% slide from its $81,443 peak to lows near $59,353. Wednesday saw another $214 million leave, even after a brief June 4 inflow broke a 13-day losing streak. Adam Haeems of Tesseract Group told Decrypt the selling is "exhausting rather than building," pointing to leveraged arbitrage unwinds, an exit from the highest-fee fund, and rotation into AI equities and tech IPOs. The flows matter for anyone parking stable capital while they wait, which is what the BTC yield view is built to compare. (Decrypt)

Bitcoin Holds a Line That ETH and SOL Can't Bitcoin rose about 2.4% over 24 hours to trade near $62,800, and its dominance climbed to 59% from last week's 57.9% low. The split underneath is the story: Bitcoin is holding its 200-week moving average while XRP, ether, and solana all sit below theirs, a sign of weaker momentum in the majors. Derivatives show ongoing long liquidations, muted new leverage, and Bitcoin and ether puts trading at a premium to calls as desks hedge into the SpaceX listing rather than chase a move. For Solana holders, the relative-strength gap is the context behind today's flat APYs across SOL pools. (CoinDesk)

Japan Passes Bill to Regulate Crypto Like Stocks Japan's lower house passed a bill moving crypto from the Payment Services Act to the Financial Instruments and Exchange Act, treating tokens more like equities. The rules bring stock-style insider trading bans, tougher disclosure, investment caps on unaudited token offerings, steeper penalties for unregistered operators, and lower taxes, plus a path to crypto ETFs. The FSA cited the shift to mainstream investing: Japan now has more than 14 million open crypto accounts, with about 70% held by people earning under 7 million yen, roughly $43,600, a year. The framework is expected to take effect in 2027. Insider-trading and disclosure regimes change how protocol and token risk should be read, the core of our security scoring. (CoinDesk)

Citi Tokenizes Private-Company Shares Citigroup unveiled Digital Depositary Receipts, a blockchain-based product that gives wealthy and institutional clients exposure to private company equity through securities the bank issues and custodies. The receipts are recorded on infrastructure run by Swiss operator SIX, with Citi acting as both issuer and custodian, and the launch ran through a transaction involving Kaleido, a tokenization firm backed by Citi Ventures. The bank says it plans to widen the offering over time, including to public blockchains as shared tokenized-deposit networks mature. It lands as companies stay private longer and demand for private-market access climbs, a steady push from incumbents into tokenized real-world assets. (CoinDesk)

Ondo Hires Ex-Invesco ETF Chief to Build Onchain Portfolios Ondo Finance brought on John Hoffman, formerly head of Invesco's ETF and index business in the Americas and most recently a Grayscale managing director, to lead its tokenized portfolio products. The plan is to move past tokenized single assets like stocks and Treasuries into managed onchain investment baskets built with asset managers. The hire signals where tokenization is heading as the category passes $30 billion in assets and pulls in established institutions. Packaged onchain portfolios are the next layer on the yields and protocols we already index. (CoinDesk)

Numbers

• BTC: $62,700 (+1.06%)
• SOL: $65.15 (+1.28%)
• ETH: $1,646.49 (-0.66%)
• Solana DeFi TVL: $4.59B
• Top USDC yield (Solana): Jupiter Lend at 3.74% ($407M TVL)

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