Weekly review: Bitcoin on the swings, cryptocurrency in Russia gains legal status, and the EU tightens the screws
The past week was packed with events that once again confirmed the ambiguity and high volatility of the crypto market. Bitcoin made a sharp surge to $67,000, but then just as quickly retreated, while Russian courts took an important step toward recognizing digital assets, and the European regulator began the active phase of implementing MiCA. Let's break down the key trends.
Bitcoin: "roller coaster" and bearish trend
The start of the week was marked by a strong impulse. News of a possible truce between the US and Iran pushed the first cryptocurrency to a local peak of $67,278. However, the euphoria quickly faded. The market faced a number of bearish factors: weak demand, uncertainty in the negotiation process, and, more importantly, the hawkish rhetoric of the Fed. The meeting led by Kevin Warsh, which kept the rate at 3.5-3.75% and hinted at a possible hike, exerted strong pressure. On Thursday, Bitcoin broke through the $64,000 level, and by Friday it had crashed to $62,000 amid another round of geopolitical tensions.
Nevertheless, the weekend brought a rebound. The resumption of negotiations and cheaper oil triggered an inflow of capital into risk assets, returning the price to just above $64,000. As a result, on a weekly basis, Bitcoin's price remained virtually unchanged, allowing altcoins such as Solana (+8.6%) and Hyperliquid (+12%) to show outperformance.
However, the key signal is the record outflow from spot Bitcoin ETFs. Over six weeks, starting in mid-May, these products lost about $5.43 billion, reducing total capital to $78.3 billion — the level of November 2024. This indicates a systemic cooling of institutional interest. The Fear and Greed Index, although it rose from 18 to 23 points, is still in the "extreme fear" zone. The market is frozen, waiting for a new catalyst.
Russia: cryptocurrency becomes an object of theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made landmark changes to judicial practice. Digital currency, digital rights, and the digital ruble are officially recognized as objects of theft. This is an important step in the legal legitimization of cryptocurrencies in the country. Now, the theft of digital assets will be classified under articles on theft, robbery, and assault, giving law enforcement clear tools to combat crimes in this area. Separately, the court clarified the moment the crime is completed — the debiting of funds from the victim's account.
Europe: MiCA comes into force
The European Securities and Markets Authority (ESMA) issued an ultimatum: from July 1, all crypto platforms without a license under the MiCA regulation must cease servicing clients from the EU. The regulator requires a plan for winding down the business to be prepared in advance. According to estimates, out of 3,000 previously operating companies, only 194 have received official permission. It is expected that about 75% of old platforms will leave the region. For users, this means account blocking and the need to urgently withdraw funds. Europe is finally moving to strict regulation, and the market is clearly not ready for it.
Ethereum ecosystem: funding crisis and quantum protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly growing funding crisis" for the network. The main risks are the foundation's spending cuts and the end of the client incentive program in April 2026. Without stable $30 million for developers, the ecosystem risks losing key talent and falling behind in the race for scaling.
At the same time, an innovative solution for protection against quantum threats was proposed on the network. The SPHINCS- concept by Nicola Consigny will allow securing wallets without a hard fork, with the implementation cost being only $0.07. This is a temporary measure before the launch of the more efficient leanSPHINCS system.
My view on the market. The week showed that the market is in a consolidation phase, but with a clear bearish bias. Outflows from ETFs and fear of regulatory changes in the EU are exerting strong pressure. However, the recognition of cryptocurrencies in Russia is a positive signal that could stimulate the development of a legal market in the country. Until Bitcoin firmly establishes itself above $68,000, any upward movement will be perceived as a correction within a downtrend. Attention should be paid to altcoins, which could seize the initiative amid the stagnation of the flagship coin.