Weekly Digest: Bitcoin on a 'roller coaster', Russia's Supreme Court recognizes cryptocurrency as a subject of theft, and MiCA cleans up the EU market
The past week was rich in events affecting both macro trends and regulatory nuances. Bitcoin once again demonstrated its sensitivity to geopolitics, while the Russian judicial system made an important step in recognizing digital assets. Meanwhile, Europe continues to tighten the screws under MiCA. Let's break down the key points.
Bitcoin: Geopolitics and Macroeconomics Dictate the Trend
The first cryptocurrency started the week with confident growth from around $64,000 to a local high of $67,278. The catalyst was news of a possible truce between the US and Iran. However, optimism quickly faded amid disagreements and weak demand. Quotes moved into a correction, which accelerated after the US Federal Reserve meeting, which kept the rate at 3.5-3.75% and hinted at a possible increase. On Thursday, Bitcoin broke through $64,000.
The culmination of the week was Friday's drop to $62,000, triggered by new uncertainty in the Middle East. Nevertheless, the weekend brought a rebound above $64,000 amid renewed negotiations and cheaper oil, which shifted investor interest to risky assets. As a result, on a weekly basis, the price of Bitcoin remained virtually unchanged, allowing altcoins to show stronger dynamics: Solana gained 8.6%, Ethereum — 3.5%, and Hyperliquid — nearly 12%.
The weakening interest in Bitcoin is confirmed by a record six-week outflow from spot ETFs: during this period, about $5.43 billion flowed out, reducing total capital to $78.3 billion — the level of November 2024. The Fear and Greed Index, although it rose from 18 to 23 points, is still in the extreme fear zone. This indicates high market nervousness and an expectation of a clearer signal.
Russia: Cryptocurrency Equated to an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made historic changes to judicial practice, officially recognizing digital currency, digital rights, and digital rubles as objects of theft. This decision essentially closes the legal vacuum that previously allowed criminals to evade responsibility under articles on theft and robbery. The court also clarified that the moment of completion of theft of non-cash funds is the moment they are debited from the victim's account.
This is a crucial step towards forming a full-fledged legal environment in the Russian Federation. Law enforcement now has a clear tool for qualifying crimes involving cryptocurrencies, which should increase investor protection.
Europe: ESMA Issues an Ultimatum
From July 1, 2025, all crypto companies without a MiCA license are required to cease servicing clients from the European Union. ESMA has already demanded that operators prepare plans for winding down their businesses. According to estimates, only 194 companies out of approximately 3,000 operating in the region have received licenses. It is expected that up to 75% of old platforms will leave the EU market. For users, this means account blocking and the need to urgently withdraw funds from unprepared platforms.
Expert Opinion
The week clearly demonstrated that the market is in a phase of uncertainty. Bitcoin is treading water, reacting to geopolitical news but failing to find its own momentum. Regulatory changes in the Russian Federation and the EU, on the contrary, are long-term and fundamental in nature. Recognizing cryptocurrency as an object of theft in Russia is not just a legal formality, but a sign of market maturity that is beginning to integrate into the legal framework. The European MiCA cleanup, although painful now, will in the long run create a more transparent and secure environment for institutional players. Investors should prepare for a period of increased volatility and closely monitor the dynamics of ETF outflows — this is a key indicator of "smart money" sentiment.