Weekly review: Bitcoin at a crossroads, Russia's Supreme Court changes the rules of the game, and Europe tightens the screws
The past week on the crypto market was eventful, but Bitcoin ultimately remained almost unchanged, demonstrating classic sideways movement amid macroeconomic uncertainty and institutional capital outflows. Key changes occurred on the regulatory front — both in Russia and the European Union.
Bitcoin: A Rollercoaster Without Changing Altitude
The week began with a sharp surge of the first cryptocurrency from the $64,000 mark to a local peak of $67,278. The catalyst was news of a potential truce between the US and Iran. However, optimism quickly faded: disagreements between the parties and persistently weak demand sent the price back into correction. Additional pressure came from the first Federal Reserve meeting under Kevin Warsh, where the regulator left the rate unchanged (3.5-3.75%) but hinted at a possible hike by the end of the year. On Friday, Bitcoin fell to $62,000 amid a fresh wave of geopolitical uncertainty, but by the weekend it recovered losses to $64,000 thanks to the resumption of negotiations and cheaper oil, which stimulated capital inflows into risk assets.
On a weekly basis, Bitcoin's price remained almost flat. This allowed several altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token rose nearly 12%. However, the overall picture is far from rosy. The Fear and Greed Index, although it rose from 18 to 23 points, is still in the "extreme fear" zone. The most alarming signal is a record six-week outflow from spot Bitcoin ETFs, which amounted to approximately $5.43 billion over this period. The total assets under management of these funds shrank to $78.3 billion — a level last seen in November 2024. Interest in Ethereum ETFs is also waning: about $10 million was withdrawn over the week, and the negative trend has persisted for six consecutive weeks.
Russia: Cryptocurrency Equated to Property
A landmark event occurred in the Russian legal system. The Plenum of the Supreme Court of the Russian Federation amended its ruling on judicial practice in cases of theft, robbery, and assault. The list of items subject to theft now officially includes digital rubles, digital rights, and digital currency. This is an important step that creates a precedent for criminal prosecution for the theft of crypto assets. The court also clarified that the moment of completion of theft of non-cash funds (including cryptocurrency) occurs from the moment they are debited from the victim's account. This decision closes a legal loophole and provides victimized investors with clearer tools for protection.
Europe: MiCA Takes Effect, Illegals Exit
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 demanded that service providers prepare plans for winding down their business in advance. According to Hogan Lovells estimates, by May only 194 companies out of approximately 3,000 operating in the region had received official authorization. It is expected that about 75% of old platforms will leave the European market. For ordinary users, this means account blocking and the urgent need to withdraw funds from unlicensed exchanges. The EU market is entering an era of strict but clear regulation.
Ethereum Ecosystem Risks and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" for the ecosystem over the next 3-9 months. The main risks are associated with the reduction of the foundation's treasury spending and the conclusion of the Client Incentive Program in April 2026. According to the expert's estimate, the ecosystem needs about $30 million to support developers. Without stable funding, Ethereum risks losing key personnel and falling behind in preparing for challenges such as quantum computing.
In contrast, the Ethereum Foundation itself proposed an elegant solution for protection against quantum attacks. Project lead Kohaku Nicolas Consigny presented the concept of SPHINCS- — a post-quantum account protection costing only about $0.07. The method is based on the NIST signature standard and does not require a hard fork, making it a fast and secure interim solution.
My comment: The week showed that the market is in a consolidation phase, awaiting clearer macroeconomic signals. However, the regulatory changes in Russia and the EU are tectonic shifts that are shaping a new landscape for the industry. By recognizing cryptocurrency as property, Russia is taking a step toward a civilized market, while Europe is aggressively clearing it of gray zones. For long-term investors, these are positive signals, despite the current volatility.