Weekly review: Bitcoin at a crossroads, Russia's Supreme Court equates cryptocurrency to property, and the EU tightens the screws
The past week showcased a classic picture of a market in a state of uncertainty: Bitcoin made a sharp upward surge, but then corrected just as rapidly, ending the seven days virtually unchanged in price. However, beneath this external staticity lie important fundamental shifts, both at the regulatory level and in the structure of market flows.
Bitcoin: A Rollercoaster Ride on Geopolitics
The week began with a powerful impulse: the BTC rate jumped from $64,000 to a local high of $67,278 on Binance. The catalyst was news of a potential truce between the US and Iran. However, euphoria quickly turned to disappointment when disagreements between the parties emerged. Additional pressure came from weak demand and bearish sentiment.
The key trigger for the decline was the first Federal Reserve meeting under Kevin Warsh. The regulator kept the rate at 3.5–3.75%, but the head of the agency allowed for the possibility of raising it by the end of the year. This forced investors to reassess risks, and Bitcoin broke through the $64,000 level, and on Friday, June 19, it even collapsed to $62,000 amid another escalation of uncertainty in the Middle East.
Nevertheless, by the weekend, the situation had corrected: the US delegation still flew out for negotiations, and cheaper oil spurred capital inflows into risky assets. As a result, Bitcoin returned to just above $64,000, remaining virtually unchanged on a weekly basis.
This stagnation of Bitcoin allowed altcoins such as Solana (+8.6%), Ethereum (+3.5%), and the Hyperliquid token (+12%) to show more impressive dynamics. However, the key signal comes from institutional investors: a record six-week outflow from spot Bitcoin ETFs amounted to $5.43 billion. The total capital in these products shrank to $78.3 billion — the level of November 2024. This indicates deep disappointment among major players and their unwillingness to increase positions under current conditions.
Russia: Cryptocurrency Officially Becomes an Object of Theft
This week, a landmark event occurred for the Russian legal framework. The Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling, officially recognizing digital currency, digital rubles, and digital rights as objects of theft. This means that the theft of cryptocurrency will now be classified as a criminal offense under articles on theft, robbery, and mugging.
The court also clarified that the moment of completion of theft of non-cash funds is the moment the money is debited from the victim's account. This is an important detail for law enforcement practice, eliminating uncertainty in defining the elements of a crime. From my point of view, this decision is a pragmatic step that, without legalizing cryptocurrency as a means of payment, integrates it into the existing criminal law system, protecting the rights of owners.
Europe: MiCA Takes Effect, Market Prepares for a Cleanup
ESMA (European Securities and Markets Authority) reminded that from July 1, 2025, all crypto companies without a MiCA license must cease servicing clients from the EU. The regulator requires advance preparation of plans for winding down business.
The numbers speak for themselves: only 194 companies out of approximately 3,000 previously operating in the region have received official permission. It is expected that about 75% of old platforms will close or leave the European market. For users, this means account blocking and a requirement to withdraw funds. This is a tough but expected market consolidation, which, according to regulators' intentions, should protect investors but will create significant inconvenience in the short term.
Ethereum Ecosystem: Funding Crisis and Quantum Threat
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" in the Ethereum ecosystem. Two main factors: a reduction in foundation spending and the end of the Client Incentive Program in April 2026. Estimates suggest the ecosystem needs about $30 million to support developers. Without this, there is a risk of losing key personnel and falling behind in scaling, especially amid the threat of quantum computing.
In response to this threat, Kohaku project lead at EF Nicolas Consigny presented the concept of post-quantum account protection SPHINCS- at a cost of just $0.07. The solution is based on the NIST standard and does not require a hard fork, making it an elegant and practical temporary solution.
Brief Digest
- Media reported that Sam Bankman-Fried plans to launch a token after his release.
- An outdated contract on the Aztec network was hacked for $2 million.
- JPMorgan stated a deterioration in the mining economy.
- Alchemy and Visa launched payments for AI agents.
- A ban on issuing CBDCs until 2030 was introduced in the US.
My opinion: The week showed that the market is in a state of fragile equilibrium. Bitcoin is stuck in a range, unable to find a catalyst for confident movement. The outflow from ETFs is an alarming signal, indicating that institutions see no reason to buy. Regulatory news from Russia and the EU, on the contrary, is forming clearer, albeit stricter, rules of the game, which is a positive factor for a mature market in the long term.