Weekly Review: Bitcoin on a Rollercoaster, Russia's Supreme Court Recognizes Cryptocurrency as Property, and MiCA Takes Effect
The past week was extremely eventful for the cryptocurrency market, combining sharp price movements, significant legal precedents in Russia, and regulatory changes in the European Union. As an analyst, I would characterize the situation as a period of consolidation with pronounced geopolitical and institutional triggers.
Bitcoin: Return to Origins After Geopolitical Surge
Bitcoin started the week with confident growth, rising from $64,000 to a local high of $67,278 amid news of a potential truce between the US and Iran. However, as is often the case with high-risk assets, optimism quickly gave way to a correction. The Federal Reserve meeting, which kept the rate at 3.5–3.75% and hinted at a possible hike, added additional pressure. On Friday, June 19, BTC fell to $62,000 due to renewed uncertainty in the Middle East.
Nevertheless, by the weekend, the cryptocurrency recovered its losses, returning to levels just above $64,000 after the resumption of negotiations. On a weekly basis, the price remained virtually unchanged, allowing altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token rose by nearly 12%. This shift indicates a flow of capital from "digital gold" into riskier but potentially higher-yielding assets.
A key indicator of waning interest in Bitcoin was a record six-week outflow from spot ETFs, exceeding $5.43 billion during this period. The total capital in these products shrank to $78.3 billion—the level of November 2024—which is a clear bearish signal. The Fear and Greed Index, although rising from 18 to 23 points, still remains in the extreme fear zone, confirming investor caution.
Russia: Digital Assets Gain New Legal Status
On June 16, the Plenum of the Supreme Court of Russia introduced historic changes to judicial practice regarding theft, robbery, and assault cases. Now, digital rubles, digital rights, and digital currency are officially recognized as objects of theft. This is an important step that essentially equates cryptocurrencies to material assets in criminal law. The court also clarified the moment of completion of non-cash theft—from the moment funds are debited from the victim's account—which simplifies the qualification of such crimes.
Europe: ESMA Closes Doors to Unlicensed Platforms
The European regulator ESMA reminded that from July 1, all crypto companies without a MiCA license must cease servicing clients in the EU. By May, only 194 companies out of approximately 3,000 previously operating in the region had received official authorization. This means that about 75% of old platforms will be forced to leave the market or shut down. For users, this will result in account blocking and the need to withdraw funds. This is a tough but expected step toward a civilized market.
Expert Opinion
The week showed that the market remains extremely sensitive to macroeconomic and geopolitical signals, while fundamental indicators, such as ETF outflows, point to a lack of institutional confidence. At the same time, the recognition of cryptocurrencies by the Supreme Court of Russia is a double-edged sword: on one hand, it legitimizes assets; on the other, it brings them under strict legal liability. The European market, meanwhile, is entering the MiCA era, which, despite short-term shock, will create a more predictable and secure environment for long-term growth.