Weekly Review: Bitcoin on the swings, Russia's Supreme Court equates cryptocurrency to property, and MiCA comes into effect
The past week was packed with events that once again confirmed: the digital asset market remains extremely sensitive to macroeconomic and geopolitical triggers. Bitcoin made another volatile journey, while regulators on both sides of the Atlantic continued to shape a new legal reality for the industry.
Bitcoin: pullback from $67,000 to $64,000 amid geopolitics and macro data
The start of the week gave hope to bulls: the price of the leading cryptocurrency swiftly jumped from around $64,000 to a local peak of $67,278 on Binance. The catalyst was news of a potential truce between the US and Iran. However, as often happens, the euphoria was short-lived. Skepticism about the strength of the agreement and lingering disagreements between the parties quickly cooled buyers' enthusiasm. Additional pressure came from weak demand and hawkish rhetoric from the Federal Reserve System.
The first Fed meeting under Kevin Warsh ended with the rate being kept at 3.5-3.75%, while the head of the agency did not rule out a rate hike by the end of the year. This triggered a correction, and by Thursday, Bitcoin broke through the $64,000 level. The culmination came on Friday, when another round of uncertainty around the Middle East (postponement of the US Vice President's trip) sent the price down to $62,000.
Nevertheless, the weekend brought adjustments: the US delegation eventually flew out for negotiations, and cheaper oil triggered capital inflows into risk assets. As a result, Bitcoin returned to $64,000, ending the week virtually unchanged. This allowed altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token even surged nearly 12%.
However, behind the facade of sideways movement lies a worrying signal: outflows from spot Bitcoin ETFs have continued for a record six consecutive weeks. Over this period, the products have lost more than $5.4 billion, and the total assets under management have shrunk to $78.3 billion — the level of November 2024. The Fear and Greed Index, although rising from 18 to 23 points, is still in the "extreme fear" zone. This indicates deep pessimism among institutional investors, which the market is currently ignoring.
Supreme Court of the Russian Federation: cryptocurrency now officially a subject of theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made a historic clarification to judicial practice. Now, digital currency, along with digital rubles and digital rights, is officially recognized as a subject of theft. This means that the theft of crypto assets will be classified under articles on theft, robbery, or assault.
The court also clarified an important procedural point: the theft of non-cash (and, by analogy, digital) funds is considered completed at the moment they are debited from the victim's account. If the theft is committed through several transactions but united by a single intent, it will be considered a single continuing crime. This decision closes a legal loophole and provides law enforcement with a clear tool to combat crypto crime.
ESMA issues ultimatum: without MiCA — out of the EU
The European regulator ESMA reminded that from July 1, 2025, all crypto companies without a MiCA license must cease servicing clients from the European Union. This is a strict deadline that will affect a huge segment of the market. According to estimates, only 194 companies out of approximately 3,000 previously operating in the region have received official permits so far. It is predicted that up to 75% of old platforms will leave the European market.
For users, this means account blocking and forced fund withdrawals. Exchanges without a license will not be able to accept deposits. This is a tectonic shift for the European crypto landscape, which will finally legalize and simultaneously tighten the rules of the game.
Ethereum: funding crisis warning and quantum protection for $0.07
The Ethereum ecosystem found itself at the center of two important discussions. Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next 3-9 months. He pointed to the foundation's shrinking treasury and the end of the Client Incentive Program in 2026. According to his estimate, the ecosystem needs about $30 million to support developers, and without stable funding, it risks losing key personnel and falling behind in the technology race.
Simultaneously, Nicolas Consigny from the EF presented an elegant solution for post-quantum account protection. The SPHINCS- concept will allow securing wallets from quantum computer attacks without conducting a hard fork. The cost of implementing protection for one account will be only about $0.07. This is an important step that demonstrates the network's proactive approach to future threats.
My comment: The week showed that the market is in a consolidation phase, but under pressure from macroeconomic factors. The outflow from ETFs is a "negative signal" for short-term bullish momentum. However, long-term trends, such as the recognition of cryptocurrencies at the level of the Supreme Court of the Russian Federation and the implementation of MiCA in the EU, indicate the inevitable integration of digital assets into the global financial system. The question is only the price of this integration for current market participants.