Weekly Review: Bitcoin in turmoil, Russia's Supreme Court changes the rules of the game, and Europe tightens the screws
The past week was rich in events that will set the tone for the entire market in the near future. Bitcoin once again demonstrated its legendary volatility, the Russian legal framework took an important step towards digital assets, and European regulators finally defined the boundaries of what is permissible for crypto businesses. Let's break down the key trends.
Bitcoin: Rollercoaster Ride and Bearish ETF Outflows
The largest cryptocurrency started the week with a confident surge, rising from $64,000 to a local high of $67,278 amid news of a potential truce between the US and Iran. However, optimism quickly faded — disagreements between the parties and persistently weak demand pushed the price back to its starting point. Additional pressure came from the rhetoric of the US Federal Reserve, which held rates steady and hinted at a possible hike by year-end. On Friday, Bitcoin even dipped to $62,000, but the weekend brought a correction back above $64,000 thanks to renewed negotiations and falling oil prices.
Despite all this volatility, Bitcoin's price remained virtually unchanged on a weekly basis. This allowed altcoins like Solana (+8.6%) and Hyperliquid (+12%) to significantly outperform the flagship in terms of momentum.
Key Signal: A six-week outflow from spot Bitcoin ETFs reached a record $5.43 billion, reducing total assets under management to $78.3 billion — the lowest since November 2024. This indicates extremely low risk appetite among institutional investors in the current macroeconomic environment.
Russia: Cryptocurrency Officially Recognized as an Object of Theft
The Plenum of the Supreme Court of the Russian Federation introduced a fundamental change to judicial practice, officially recognizing digital currency, digital rubles, and digital rights as objects of theft. This means that the theft of crypto assets will now be classified under articles of the Russian Criminal Code concerning theft, robbery, or assault, rather than under vague legal norms.
Special attention should be paid to clarifying the moment the crime is completed: for non-cash funds (and, by analogy, for digital assets), theft is considered complete at the moment of debiting from the victim's account. This decision significantly simplifies the work of law enforcement agencies and establishes clear legal frameworks for the market.
Europe: MiCA Takes Effect, Market Undergoes Purge
The European Securities and Markets Authority (ESMA) issued an ultimatum: from July 1, all crypto platforms without a MiCA license must cease servicing clients in the EU. The regulator requires advance preparation of plans for winding down operations.
According to expert estimates, out of approximately 3,000 firms previously operating in the region, only 194 have received official authorization. It is expected that up to 75% of older platforms will leave the European market. For users, this means account blocks and the need to urgently withdraw funds from unlicensed exchanges.
Expert Summary
The week showed that the market is in a phase of consolidation, awaiting new catalysts. The lack of a clear direction for Bitcoin amid record ETF outflows is a warning sign for bulls. At the same time, regulatory clarity in Russia and the EU, while bringing short-term inconveniences, is a positive factor in the long term, legitimizing the industry and attracting institutional capital. I expect that in the coming weeks, Bitcoin will continue to trade in a broad range of $60,000 - $68,000 until the market receives a new powerful impetus.