The Wire — June 29, 2026

The Wire — June 29, 2026

Strategy Pauses Bitcoin Buys and Stands Up a $1B Credit Backstop Strategy has stopped adding to its bitcoin pile and set up a $1 billion repurchase program for its digital credit instruments, with the company's USD reserve now topping $2.5 billion. Holdings stay at 847,363 BTC, more than 4% of the 21 million supply cap and worth roughly $51 billion. Under a new Digital Credit Capital Framework, the company could sell up to $1.25 billion of bitcoin to defend its preferred shares, the first time the playbook has been pointed in reverse. The pressure is visible in the stock: STRC trades about 25% below par at a record low, and the enterprise sits an estimated $13 billion underwater. Michael Saylor called the drawdown a "volatility test," while Ripple CEO Brad Garlinghouse argued the leveraged treasury model has hurt the broader market. The read for yields has not changed all month. Carry that does not depend on price going up keeps paying while leveraged directional bets get repriced. (The Block, Decrypt)

Bitcoin Clings to $60K as ETF Outflows Mount Bitcoin floated near $60,000 as U.S. spot ETFs shed another $1.79 billion last week, with analysts pointing to rising Fed rate hike bets and a parallel AI sell-off in equities. The asset is now headed for a rare back-to-back quarterly loss, a pattern it has logged only a handful of times. The ETF wrapper that was sold as smoother access has instead concentrated the drawdown for holders who arrived near the top. None of this changes the income math underneath: stablecoin lending and staking keep accruing through the chop, which is why a yields desk watches the carry, not the candle. (The Block, Decrypt)

Solana Leads the Majors Again as DeFi TVL Holds $4.8B SOL is the standout this morning, up 2.9% to $73.74 while bitcoin and ether sit flat. The divergence is the same one that has run for two weeks: when the majors chop, capital hunting return rotates toward the chain that is actually moving, and Solana DeFi has somewhere to put it. Total value locked holds near $4.84 billion, and the deep USDC lending market on Jupiter Lend pays 5.11% across roughly $400 million in deposits, with Kamino close behind. The live board is at Solana yields.

BlackRock's Aladdin Deepens Support for Ethena's USDe BlackRock's Aladdin platform added deeper support for Ethena's stablecoin products, a move that makes USDe more accessible to investment professionals seeking digital dollar exposure inside the tooling they already use. Plumbing stories rarely move price, but they move where yield can be sourced. The more USDe is wired into institutional risk and portfolio systems, the more its synthetic dollar carry becomes a rate desks can actually access. (The Block)

Loopring Winds Down Its DEX The Ethereum zkRollup project Loopring is sunsetting its decentralized exchange, citing a lack of meaningful adoption. The team plans to return all remaining user funds through a smart contract upgrade, without asking users to cover the transaction costs. It is a clean exit, and a reminder that liquidity concentrates. Volume and yield keep pooling on a short list of venues, and the long tail of DEXs struggles to hold either. (The Block)

BIS Knocks Stablecoins as India's USDT Premium Jumps The Bank for International Settlements used its annual report to argue that stablecoins still fall short of money on the tests of singleness, elasticity and integrity, and flagged risks for emerging markets. The real economy offered a live example the same week: India's USDT premium topped 8.5% after Enforcement Directorate raids on Bengaluru crypto firms reportedly squeezed local supply. Demand for dollar-pegged tokens does not disappear when access tightens, it just gets more expensive, which is the texture behind every emerging-market stablecoin yield. (The Block, The Block)

Numbers

• BTC: $60,070 (flat, 24h)
• SOL: $73.74 (+2.9%, 24h)
• ETH: $1,581 (flat, 24h)
• Solana DeFi TVL: $4.84B
• Top liquid USDC yield (Solana): Jupiter Lend at 5.11%

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