Weekly Review: Bitcoin on the swings, Russia's Supreme Court recognizes cryptocurrency as an object of theft, and the EU tightens screws on MiCA
The past week was rich in events: the first cryptocurrency once again demonstrated classic volatility, the Russian legal framework took an important step in recognizing digital assets, and European regulators moved into the active phase of implementing MiCA. Let's break down the key trends.
Bitcoin: "Rollercoaster" and Weakening Institutional Interest
The week began with a sharp surge in bitcoin from around $64,000 to a local high of $67,278 on Binance. The catalyst was news of a possible truce between the US and Iran, which brought a wave of optimism to the market. However, as is often the case, the rally proved short-lived.
Skepticism regarding the durability of the agreement and persistent bearish factors, particularly weak demand from institutional investors, quickly brought prices back down for a correction. The culmination was the US Federal Reserve meeting led by Kevin Warsh, where the regulator kept the rate at 3.5-3.75% but hinted at a possible increase by the end of the year. This triggered a break below the $64,000 level on Thursday.
On Friday, pressure intensified amid renewed uncertainty in the Middle East, and bitcoin fell to $62,000. However, the weekend brought a rebound: the US delegation did proceed to negotiations, and cheaper oil redirected capital into risk assets, pushing the price back slightly above $64,000.
As a result of the week's "swings," the price of bitcoin remained virtually unchanged. This allowed several altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token jumped nearly 12%. Interestingly, despite rising from 18 to 23 points, the Fear and Greed Index remains in the "extreme fear" zone, indicating a highly nervous environment among retail investors.
The most alarming signal is the record six-week outflow of funds from spot bitcoin ETFs. Over this period, products lost about $5.43 billion, reducing total capital to $78.3 billion — the level of November 2024. This is direct evidence of waning institutional appetite for risk. A similar trend is seen in Ethereum funds, from which about $10 million was withdrawn over the week.
Russia: Cryptocurrency Officially Recognized as an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made an important clarification to judicial practice. Now, digital currency, along with digital rubles and digital rights, is officially recognized as an object of theft. This decision formalizes the legal status of crypto assets in criminal law, which will significantly simplify the investigation and qualification of crimes related to their theft.
Particular attention should be paid to the clarification of the moment when the theft of non-cash funds is considered complete — the crime is deemed finished from the moment the money is debited from the victim's account. This eliminates the legal uncertainty that previously allowed the fact of theft to be contested if the funds had not yet been withdrawn to an external wallet.
Europe: ESMA Issues Ultimatum
The European Securities and Markets Authority (ESMA) reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. The regulator requires a plan for winding down business to be prepared in advance. According to Hogan Lovells, only 194 companies out of approximately 3,000 previously operating in the region have received official authorization.
This will lead to a large-scale "cleanup" of the market: it is expected that about 75% of old platforms will close or leave Europe. For users, this means account blocking and the need to urgently withdraw funds. In effect, the EU is transitioning to a model of a strictly regulated market, where only large, fully compliant players will remain.
Expert Opinion
The week showed a classic picture: macroeconomic uncertainty and geopolitics continue to dominate the narrative of bitcoin as "digital gold." The outflow from ETFs is not just a correction, but a signal of a shift in sentiment among major players who are moving into cash. At the same time, the decision of the Supreme Court of the Russian Federation is a long-awaited step towards legalization and protection of the rights of crypto asset owners, which is positive for the market in the long term. The European market awaits a tectonic shift: the departure of 75% of old platforms will create a vacuum that will be filled by new, licensed players, leading to consolidation but also to higher security standards.