Weekly Review: Bitcoin on a roller coaster, while Russian courts recognize cryptocurrency as a subject of theft
The past week was rich in events: the first cryptocurrency once again demonstrated classic volatility, the Russian judicial system took an important step in recognizing digital assets, and EU regulators tightened requirements for market participants. Let's break down the key trends and their consequences.
Bitcoin: Correction Cycle and Altcoins on the Rise
At the beginning of the week, Bitcoin made a decisive push, rising from $64,000 to a local high of $67,278 amid news of a possible truce between the US and Iran. However, as is often the case, euphoria quickly gave way to a correction. Additional pressure came from the results of the US Federal Reserve meeting, which kept the rate at 3.5-3.75% and hinted at a possible increase. As a result, by Friday, the BTC rate had fallen to $62,000, but by the weekend it regained ground, returning to $64,000.
Interestingly, on a weekly basis, the price of Bitcoin remained virtually unchanged, which opened the door for altcoins. Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token surged nearly 12%. This is a classic capital rotation scenario, where investors seek higher returns amid the consolidation of the flagship asset.
Nevertheless, fundamental indicators are concerning. Six-week outflows from spot Bitcoin ETFs reached a record $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, remains in the extreme fear zone. This suggests the market is not yet ready for sustained growth.
Russia: Cryptocurrency — Not Just Numbers, but an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made a historic change to judicial practice. Now, digital currency, digital rubles, and digital rights are officially recognized as objects of theft. This is a crucial step that equates the theft of cryptocurrency to the theft of material assets.
Particular attention should be paid to the clarification of the moment the crime is completed: the theft of non-cash funds is considered complete at the moment the money is debited from the account. This closes legal loopholes and provides law enforcement with a clear tool for investigation. The court also indicated that several consecutive debits united by a single intent should be considered as one ongoing crime. This is a reasonable approach that will prevent inflating the number of episodes to toughen punishment.
EU: MiCA Takes Effect — Time to Leave
From July 1, 2025, crypto platforms without a MiCA license must stop servicing clients from the European Union. ESMA has already warned companies to prepare business wind-down plans. According to Hogan Lovells, out of 3,000 firms operating in the region, only 194 have received licenses. It is expected that about 75% of old platforms will close or leave the European market.
For users, this means account blocking and the need to withdraw funds. In my view, this will lead to a temporary consolidation of the market around large, licensed players, but in the long term, it will increase the transparency and security of the sector.
Expert Opinion
The week showed that the market is in a phase of uncertainty: Bitcoin is balancing between fear and hope, while regulators around the world are tightening the screws. However, the recognition of cryptocurrency as an object of theft in Russia is, paradoxically, a positive signal. The faster digital assets are integrated into the legal framework, the less they will retain their "gray zone" status for fraudsters. MiCA in the EU is another step towards market maturity. Those who survive this transition will find themselves in a stronger position. For now — we keep an eye on macroeconomics and geopolitics.