Weekly Roundup: Bitcoin on a Rollercoaster, Russia's Supreme Court Recognizes Cryptocurrency as Property, and MiCA's Pressure on the EU Market
The past week was marked by classic "roller coaster" moves for bitcoin, an important legal precedent in Russia, and increased regulatory pressure on crypto exchanges in the European Union. The leading cryptocurrency demonstrated high sensitivity to geopolitics, while institutional interest continues to wane.
Bitcoin: Bounce from $62,000 and Weakening Dominance
The week started with confident growth: bitcoin's price jumped from $64,000 to a local high of $67,278 amid news of a potential truce between the US and Iran. However, the euphoria quickly faded. Disagreements between the parties and persistent bearish factors, such as weak demand, triggered a correction. The decisive blow came from the US Federal Reserve meeting led by Kevin Warsh, where the key rate was kept at 3.5-3.75%, but hints of a possible increase by the end of the year were made. This sent bitcoin below $64,000.
The culmination was Friday, June 19, when, due to renewed uncertainty in the Middle East, the price dropped to $62,000. However, the weekend brought a bounce back above $64,000 after the resumption of the negotiation process. Cheaper oil, as a classic catalyst, redirected capital into risk assets.
As a result, the price of bitcoin remained virtually unchanged over the week, allowing altcoins to show more impressive dynamics. Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token surged nearly 12%. Bitcoin's dominance decreased from ~59% to 58.4%.
The main alarm signal is a record six-week outflow of funds from spot Bitcoin ETFs, totaling ~$5.43 billion. The total capital in these products has shrunk to $78.3 billion, a level last seen in November 2024. The Fear and Greed Index, although rising from 18 to 23 points, remains in the "extreme fear" zone, indicating an extremely pessimistic sentiment among retail investors.
Russia: Cryptocurrency Officially Becomes an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made a historic clarification to judicial practice. Amendments were made to the 2002 ruling on theft, robbery, and assault, explicitly recognizing digital currency, digital rubles, and digital rights as objects of theft. This is not just a formality — now criminal cases involving the theft of crypto assets will be handled under uniform, clear rules. The court also clarified that the moment of completion of theft of non-cash funds occurs when they are debited from the victim's account. This decision effectively equates cryptocurrency to property in the legal field, which is critically important for the development of law enforcement practice.
Europe: ESMA Ultimatum and Exchange Exodus
The European Securities and Markets Authority (ESMA) reminded crypto companies that from July 1, servicing clients from the EU without a MiCA license will become impossible. The regulator requires all service providers to prepare a business wind-down plan in advance. According to legal estimates, only 194 companies out of approximately 3,000 operating in the region had received official authorization by May. It is expected that up to 75% of old platforms will leave the European market. For users, this means account blocking and the need to urgently withdraw funds from unlicensed exchanges.
Ethereum Ecosystem: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next 3-9 months. The EF's philosophy of decentralization is leading to a shrinking treasury, and the completion of the Client Incentive Program in April 2026 leaves developers without a key source of funds. Approximately $30 million is needed to maintain the ecosystem's viability.
At the same time, hope for post-quantum security has emerged on the Ethereum network. The head of the Kohaku project presented the SPHINCS- solution, which will protect accounts from quantum computer attacks without a hard fork. The implementation cost is only $0.07 per transaction — a critically important step for the network's future.
My opinion: The week showed that the market is in a phase of consolidation and high uncertainty. The record outflow from ETFs is an alarming signal, indicating a loss of appetite from institutions. The legal status of cryptocurrency in Russia and the strict MiCA requirements in Europe are two opposing but equally important trends that will shape the market structure in the coming years. Ethereum, despite its internal financial problems, continues its technological leadership by offering solutions for tomorrow.