Weekly Review: Bitcoin on a Rollercoaster, while the Supreme Court of the Russian Federation Changes the Rules of the Game
The past week was eventful for the cryptocurrency market. Bitcoin made a sharp surge towards $67,000, but by the weekend it had lost all its gains, returning to the $64,000 mark. The main catalyst for the growth was news of a possible truce between the US and Iran. However, as soon as the first signs of disagreement emerged, the market responded with a correction.
Bitcoin and Altcoins: Who is in the Green?
Pressure on the leading cryptocurrency intensified after the US Federal Reserve meeting, which was held for the first time by the new chairman, Kevin Warsh. The regulator kept the rate at 3.5-3.75% but did not rule out a hike by the end of the year. This triggered a break below the $64,000 level, followed by a drop to $62,000 on Friday amid renewed uncertainty in the Middle East. Nevertheless, by the end of the week, Bitcoin had recovered its losses, ending the period virtually unchanged in price.
Against this backdrop, altcoins showed much more impressive dynamics. Solana (SOL) gained 8.6%, Ethereum (ETH) rose 3.5%, and the Hyperliquid (HYPE) token jumped nearly 12%. This indicates a flow of capital from Bitcoin into riskier assets as BTC dominance weakened (from ~59% to 58.4%).
ETFs and Sentiment: Investors are Fleeing
The waning interest in Bitcoin is confirmed by a record six-week outflow from spot ETFs. Over this period, the products lost more than $5.43 billion, and total capital shrank to $78.3 billion — the level of November 2024. Ethereum funds saw outflows of about $10 million over the week. The Fear and Greed Index rose slightly, from 18 to 23 points, but remains in the "extreme fear" zone.
Legal Status: Cryptocurrency in Russia as an Object of Theft
A significant event occurred in the Russian jurisdiction. The Plenum of the Supreme Court of the Russian Federation officially recognized cryptocurrency, digital rubles, and digital rights as objects of theft. This decision brings clarity to judicial practice in cases of theft, robbery, and assault. Additionally, the Supreme Court clarified that the crime is considered completed from the moment funds are debited from the victim's account. This is undoubtedly a serious step towards the legalization and protection of the rights of digital asset owners in the country.
Regulation in the EU: MiCA in Action
The European regulator ESMA reminded that from July 1, crypto companies without a MiCA license must cease servicing clients from the EU. According to estimates, only 194 out of 3,000 firms operating in the region have received official authorization. It is expected that about 75% of old platforms will close or exit the market. For users, this means account blocking and the need to withdraw funds.
Expert Opinion
The week showed that the market remains extremely sensitive to macroeconomic and geopolitical signals. The lack of a clear direction for Bitcoin amid record ETF outflows is a worrying signal. In such conditions, investors should be extremely cautious and perhaps pay attention to altcoins, which are beginning to show relative strength.