The Wire PM — July 21, 2026

The Wire PM — July 21, 2026

Solana ETFs are winning the altcoin flow war without anyone noticing US spot Solana ETFs now hold $904M in assets, and the Hyperliquid funds have pulled $350M in net inflows since launch. Those two products are absorbing most of the money going into non-BTC, non-ETH ETFs while the rest of the shelf sits flat. The pattern matters more than the totals: allocators are not buying "altcoins" as a category, they are buying the two or three names with enough spot liquidity to support a fund at size. For a chain whose DeFi TVL sits at roughly $5B, a $904M passive bid on the underlying asset is a structural change to who owns SOL and how long they hold it. Source: The Block.

Telegram is putting a non-custodial wallet in front of a billion people Pavel Durov said Telegram will ship a native Gram wallet across the app, which the company is calling the largest rollout of a non-custodial wallet in history. Telegram has been the obvious crypto distribution channel for years and has consistently failed to convert it, first through TON's aborted launch and then through a custodial wallet that most users never opened. Non-custodial changes the calculus, because it removes the licensing problem that kept the previous version geofenced. The open question is whether a messaging-app wallet drives any actual on-chain activity or just parks balances, and past attempts suggest the latter. Source: The Block.

Ondo lets you post tokenized stocks as perp collateral OndoPerps now accepts SPYon and QQQon, its tokenized S&P 500 and Nasdaq 100 products, as margin for perpetual futures positions, with an initial $100,000 per-asset notional cap. This is the first properly interesting thing anyone has done with tokenized equities. Holding a tokenized SPY has been a solution looking for a problem, since anyone who wants S&P exposure can buy the real thing with fewer steps. Using it as collateral without selling it is the actual use case, and it is the same argument that made LSTs work on Solana: the asset keeps earning while it backs something else. The $100k cap says Ondo knows the liquidation path for a tokenized equity during a market close is untested. Source: The Defiant.

Numbers (Updated)

• BTC: $66,311 (+1.76%)
• SOL: $77.80 (+0.27%)
• ETH: $1,920.75 (+1.38%)
• Highest APY on Solana above $100M TVL: OnRe ONYC at 11.67% on $234.7M
• Highest SOL staking yield above $100M TVL: Phantom PSOL at 6.23% on $124.8M

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