Weekly results: bitcoin on a roller coaster, Russia's Supreme Court equates cryptocurrency to property, and the EU tightens the screws
The past week was marked by sharp price fluctuations in Bitcoin, a landmark decision by the Russian judicial system, and stricter requirements for crypto businesses in the European Union. Let's break down the key events in detail.
Bitcoin: Rollercoaster with a Return to $64,000
The week for the leading cryptocurrency began with an optimistic surge. Amid reports of a potential truce between the US and Iran, the BTC price jumped from $64,000 to a local high of $67,278. However, the euphoria quickly faded: geopolitical disagreements and weak demand triggered a correction.
Additional pressure came from the stance of the US Federal Reserve. At its first meeting under Kevin Warsh, the regulator kept the key rate at 3.5-3.75%, but the head of the agency hinted at a possible rate hike by the end of the year. This triggered a break below the $64,000 level on Thursday.
The climax came on Friday, when the price plummeted to around $62,000 due to another wave of uncertainty in the Middle East. However, the situation stabilized by the weekend: after the resumption of negotiations by the US delegation, Bitcoin recouped its losses and returned above $64,000, also aided by cheaper oil, which spurred interest in risk assets.
As a result, the BTC price remained virtually unchanged over the week, allowing several altcoins to show stronger dynamics. Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token rose by nearly 12%. Meanwhile, investor interest in Bitcoin remains subdued: spot ETFs recorded a record six-week outflow of approximately $5.43 billion, reducing total capital to $78.3 billion — a level last seen in November 2024. The Fear and Greed Index, although rising from 18 to 23 points, is still in the zone of extreme fear.
My comment: The market situation is classic for a consolidation phase. Bitcoin is ignoring short-term impulses, and investors are rotating into altcoins in search of higher returns. However, the outflow from ETFs is a worrying signal, indicating a decline in institutional risk appetite.
Supreme Court of Russia: Cryptocurrency is Property
On June 16, the Plenum of the Supreme Court of Russia introduced important changes to judicial practice regarding cases of theft, robbery, and assault. The list of items subject to theft now officially includes digital rubles, digital rights, and digital currency. This means that the theft of crypto assets will now be classified under criminal law on par with the theft of traditional valuables.
The court also clarified that the moment of completion of the theft of non-cash funds occurs when the money is debited from the victim's account. If funds are debited through several transactions but are united by a single intent, it is considered a single continuing crime.
ESMA: Crypto Platforms Without MiCA Must Leave the EU
The European Securities and Markets Authority (ESMA) reminded that from July 1, crypto companies without a license under the MiCA regulation must cease servicing clients from the European Union. The regulator requires a business wind-down plan to be prepared in advance.
According to Hogan Lovells, only 194 companies had received official approvals by May — a drop in the ocean compared to the 3,000 firms previously operating in the region. It is expected that about 75% of old platforms will close or exit the European market. For users, this means account blocking and the need to withdraw funds before the deadline.
Ethereum: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of the risk of a "slowly escalating funding crisis" for the ecosystem over the next 3-9 months. The main factors are the shrinking capacity of the foundation's treasury and the end of the Client Incentive Program in April 2026. According to Van Epps, the ecosystem needs about $30 million to support developers. Without stable funding, Ethereum risks losing key talent and falling behind in preparing for challenges like quantum computing.
Against this backdrop, EF project lead for Kohaku, Nicolas Consigny, presented the concept of post-quantum account protection SPHINCS- at a cost of about $0.07. The solution does not require a hard fork and is based on the SPHINCS+ signature standard. This is an intermediate step before launching the more efficient leanSPHINCS system.
My comment: Ethereum's funding problems are a systemic challenge. If the ecosystem fails to find new mechanisms to support developers, it could slow the pace of upgrades and reduce the network's competitiveness against faster and cheaper alternatives.