Weekly Review: Bitcoin on a roller coaster, while the Supreme Court of the Russian Federation equated cryptocurrency with property
The past week was eventful: Bitcoin once again demonstrated its unpredictable nature, the Russian judicial system made an important step in recognizing digital assets, and EU regulators tightened requirements for market participants. Let's break down the key events.
Bitcoin: swings between $62,000 and $67,000
The first cryptocurrency started the week with a confident surge from $64,000 to a local high of $67,278 amid news of a possible truce between the US and Iran. However, the joy was short-lived — disagreements between the parties and weak demand quickly brought quotes back to reality. After the Fed meeting, where the key rate remained at 3.5-3.75% and Fed Chair Kevin Warsh hinted at a possible hike, Bitcoin broke through the $64,000 support. The culmination came on Friday, when the rate crashed to $62,000 due to another round of uncertainty in the Middle East. By the weekend, the situation stabilized above $64,000 thanks to renewed negotiations and cheaper oil.
On a weekly basis, Bitcoin's price remained virtually unchanged, giving altcoins an edge: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid rose nearly 12%. Meanwhile, outflows from spot Bitcoin ETFs reached a record six consecutive weeks, totaling over $5.43 billion. This is a worrying signal indicating weakening institutional interest.
Supreme Court of Russia: cryptocurrency as an object of theft
On June 16, the Plenum of the Supreme Court of Russia officially included digital currency, digital rubles, and digital rights in the list of objects of theft. This is an important precedent that now allows the theft of crypto assets to be classified under articles on theft, robbery, and assault. The court also clarified that the theft of non-cash funds is considered complete at the moment the money is debited from the victim's account. For the market, this means stronger legal protection, but also increased responsibility for asset owners.
ESMA expels "illegals" from the EU
From July 1, crypto platforms without a MiCA license are required to stop servicing clients in the European Union. The European Securities and Markets Authority (ESMA) demanded that plans for winding down business be prepared in advance. According to estimates, only 194 of the 3,000 companies previously operating in the region have received authorization. Up to 75% of old platforms are expected to leave the market, leading to account blocking for ordinary users. This is a tough but logical step in the unification of regulation.
Ethereum funding crisis and quantum protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly growing funding crisis" in the ecosystem. The foundation's spending cuts and the end of the Client Incentive Program in 2026 threaten developer support. Against this backdrop, EF's Nicolas Consigny proposed the SPHINCS- solution to protect accounts from quantum attacks for just $0.07 — without the need for a hard fork. As Ethereum seeks a balance between decentralization and sustainability, such innovations appear timely.
Expert opinion
The week showed that the market is still tied to macroeconomic and geopolitical factors rather than internal drivers. The outflow from ETFs is not panic, but rather a redistribution of capital in anticipation of clearer signals from the Fed. In Russia, recognizing cryptocurrency as an object of theft is a dual signal: on one hand, it's a step toward legalization, on the other, it's tighter control. MiCA in the EU is an inevitable filter that will leave only the strongest players afloat. Investors should prepare for a period of consolidation and increased volatility.