The Wire PM — July 24, 2026

The Wire PM — July 24, 2026

Bitcoin slips below $64,000 as bond yields climb and ETF inflows reverse Bitcoin dipped under $64,000 through the US session, trading near $64,100 into the close, after a jump in US Treasury yields lifted the odds of another Fed rate hike and renewed US-Iran tensions pulled risk assets lower. Spot bitcoin ETFs shed about $225 million on the day, snapping a seven-day inflow streak, with BlackRock's IBIT leading the outflows. Binance's bid-side liquidity, what traders have taken to calling a plunge protection desk, absorbed several of the sharper dips and kept the selloff orderly. For lending markets the read is simple. When the base rate on stablecoin supply holds while the token falls, the yield is being paid by real borrowing demand rather than by price. Source: Cointelegraph and Decrypt, published July 24. How we score lending risk →

The EU sanctions a $120 billion crypto network and names Justin Sun's HTX The European Union adopted its 21st Russia sanctions package, targeting what it described as a $120 billion crypto network used to move funds around existing restrictions, and named the exchange HTX for what it called significantly frustrating those measures. The package stops short of a full asset freeze on HTX, which is linked to Justin Sun, and follows a similar UK designation two months earlier. For any venue that touches sanctioned flows, the compliance surface is widening, and that risk sits upstream of whatever yield a user finally sees. Source: CoinDesk and Decrypt, published July 24.

SummerFi will wind down after seven years, citing an exploit SummerFi, a DeFi access point that grew out of the early MakerDAO frontend, said it will sunset the Summer.fi interface after seven years, pointing to a recent exploit on its Lazy Summer Protocol as the trigger. Aave founder Stani Kulechov called the product an OG of onchain access. The contracts and any user positions stay onchain, but the hosted front end is going away, so affected users should move or manage positions directly. It is a clean reminder that the interface and the protocol are separate risk layers, and losing one does not always mean losing the other. Source: The Defiant, published July 24. How we score protocol risk →

Ripple opens Mint to widen institutional access to RLUSD Ripple launched Mint, a service meant to give institutions a more direct path to create and redeem RLUSD, its dollar stablecoin, whose market value is approaching $1.6 billion. Deeper, more liquid stablecoin supply is what underpins the lending and RWA markets that pay the safest onchain rates, so a wider institutional on-ramp is a supply-side story worth watching. Source: Cointelegraph, published July 24.

Brazilian farmers tokenized dairy cows to borrow against them Ten tokenized dairy cows backed a $19,600 loan registered on Brazil's B3 exchange, one of the country's first uses of tokenized livestock as collateral, letting farmers borrow outside the usual bank lending limits. It is a small deal, but the shape is the point for onchain credit. Assets that were hard to pledge become collateral once they are represented onchain, the same mechanism that lets tokenized treasuries and funds back stablecoin yield. Source: CoinDesk and Cointelegraph, published July 24. See RWA yields →

Numbers (Updated)

• BTC: $64,114 (-1.1%)
• SOL: $73.77 (-2.6%)
• ETH: $1,858 (-1.2%)

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