The Wire PM — June 25, 2026

The Wire PM — June 25, 2026

Bitcoin Slips Under $60,000 Into a $10.6B Quarterly Expiry Bitcoin fell into the low $60,000s and is trading near $59,300 ahead of Friday's $10.6 billion June quarterly options expiry, with $469 million in spot ETF outflows and negative dealer gamma adding to the pressure. The monthly drawdown now runs above 20%, and traders are positioned for more downside before buyers step back in. For yields, the read is the one that held all week: carry that does not depend on price going up keeps paying while directional bets get flushed. Stablecoin lending stays the defensive seat. (The Block)

USDT0 Crosses $100 Billion in Transaction Volume USDT0, the omnichain version of Tether's USDT, passed $100 billion in cumulative transaction volume and now ranks as the third-largest holder of USDT. Backed 1:1 by USDT, it lets the largest stablecoin move across chains without spinning up separate liquidity on each one. The milestone matters for yields because deeper, more portable stablecoin rails are what let lending markets quote tight rates on size. The flip side is concentration: more value routed through one bridge layer is one more dependency to price into a security score. (The Block)

Base Mainnet Stalls, Halting Block Production Base, the Coinbase-incubated Ethereum L2, suffered a mainnet stall that interrupted block production, with deposits, withdrawals, and transactions delayed or stuck according to its status page. Chains recover, but the episode is a clean reminder that liveness is part of the risk, not just smart-contract code. A vault paying a few extra points means little if you cannot exit when the underlying chain freezes. Availability belongs in the same column as audits and oracle design. (The Block)

Multicoin Frames Hyperliquid as an 'Everything Exchange' Multicoin Capital published a thesis pegging HYPE at $319 by 2028, arguing Hyperliquid is shifting from a perps venue into a full on-chain exchange. The firm cites user growth from roughly 300,000 to 923,000 over 2025. Price targets aside, the structural point holds: perps and the fees they generate are becoming a yield source of their own, and the venues that capture order flow capture the carry. Worth tracking as the category matures, with the usual caveat that a token price forecast is not a yield. (The Block)

Numbers (Updated)

• BTC: $59,269 (-0.6%)
• SOL: $66 (0.0%)
• ETH: $1,560 (-0.7%)
• Solana DeFi TVL: $4.62B
• Top USDC yield (Solana): Jupiter Lend 4.30% APY ($404M)
• jitoSOL staking: 5.11% APY

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