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The Bitcoin Greed & Fear Index of Matrixport, which jumped from below 10% to 93% in less than a week, is a good indicator. The index tries to gauge the dominant market sentiment. Readings above 90% indicate greed or excessive optimism and readings below 10% represent extreme fear or pessimism. Our Bitcoin Greed & Fear Index reached record levels in record-time. Markus Thielen of Matrixport’s head of research, strategy and analysis said that short-term investors would be wise to lock in gains.

Prime Trust, a crypto custody firm, has “a shortage in customer funds,” and has been unable to fulfill all withdrawal requests for this month. According to the Nevada Department of Business and Industry, Prime Trust’s “overall condition” has significantly deteriorated, and is now at a “critically deficient level.” The order stated that Prime Trust “operates at a significant deficit” and may even be insolvent. The order stated that “on or around June 21, 2023, the Respondent was unable honor customer withdrawals because of a shortfall in customer funds due to a significant liability owed by the Respondent to customers.”

Bloomberg reported that JPMorgan’s (JPM) blockchain-based settlement coin JPM Coin has been expanded to accept euro-denominated payment, citing Basak Toprak, the head of coin systems in Europe at the bank. Siemens, a German tech company, made the first euro-denominated payment. JPM Coin has processed over $300 billion worth of transactions since its launch in 2019. This makes it the largest blockchain-based financial institution. JPMorgan’s institutional clients can use blockchain technology to transfer large amounts of money between accounts in different countries.

Chart of the Day

CoinDesk - Unknown

  • The graph shows the net flow of coins to addresses that own 0.1% or more BTC since January.
  • Early this week the net inflows to so-called “large holders” addresses reached a year-to date high of 114.630 BTC.
  • In the most recent edition of its weekly newsletter, IntoTheBlock stated that “Not only have large transactions risen but whales also appear to be accumulating.” Comparing this to CEX net flow, we can confirm the entities that are accumulating do not have exchange-related net flows as they were negatively impacted while large holders had highly positive net flows.

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Sheldon Reback is the editor.