The Wire PM — July 8, 2026
US spot bitcoin ETFs steady after a record $8 billion bleed, while Brussels moves to widen MiCA to tokenized assets and offshore stablecoin issuers.
The Wire PM — July 8, 2026
Bitcoin ETFs turn a corner after a record $8 billion bleed US spot bitcoin ETFs are seeing demand steady after roughly $8 billion left the funds since mid-May, the deepest run of outflows since they launched. Decrypt reports the flow picture is improving even as spot stays soft, with bitcoin near $62,100 and lower on the day. The split matters for yield: when price drifts sideways but institutional demand firms up, income strategies tend to hold their footing better than directional bets. A base of ETF buyers under the market also thins the tail risk that keeps stablecoin and lending rates elevated during stress. Source: Decrypt, published July 8. Compare where the yield is →
Brussels moves to widen MiCA to tokenization and non-EU stablecoins The European Commission is asking market participants for input on extending MiCA to cover tokenized assets and stablecoin issuers based outside the bloc, with comments open until September 30. The review signals that Europe wants its rulebook to reach the parts of the market that have grown fastest since MiCA took effect, rather than leave tokenized products and foreign issuers in a gray zone. For anyone earning yield on euro or dollar stablecoins, the outcome will shape which issuers can serve EU users and on what terms. Clear rules tend to widen access over time, though the first draft usually reads stricter than the last. Source: The Block, published July 8.
EMURGO steps back from Cardano governance after a wallet exploit EMURGO, one of Cardano's founding entities, has stepped down from its seat on the Pentad governance group after an exploit drained about 16 million ADA, worth roughly $2.4 million. The Block reports the attack abused a flaw in the wallet's address generation, the kind of low-level bug that formal review is meant to catch before user funds are exposed. Governance and custody failures rarely show up in an APY, which is why a security score has to price the operator behind a yield, not just the rate on offer. It is a reminder that where your tokens sit can matter more than what they earn. Source: The Block, published July 8. How we score risk before rate →
Numbers (Updated)
- BTC: $62,114 (-2.3%)
- SOL: $77.04 (-5.0%)
- ETH: $1,734.81 (-2.6%)
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