Weekly results: Bitcoin on a roller coaster, the Supreme Court of the Russian Federation recognizes cryptocurrency as property, and MiCA comes into effect
The week was eventful: Bitcoin made a sharp surge to $67,000, but then lost all its gains, returning to the $64,000 mark. The growth catalyst was news of a possible truce between the US and Iran, but quickly emerging disagreements and weak demand brought the market back to correction. The final pressure came from the US Federal Reserve meeting led by 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. On Friday, Bitcoin fell to $62,000 due to new uncertainty in the Middle East, but by the weekend it recouped some losses, strengthening above $64,000.
As a result, the price of the first cryptocurrency remained virtually unchanged over the week, allowing a number of altcoins to show more impressive dynamics: Solana rose by 8.6%, Ethereum by 3.5%, and the Hyperliquid token gained nearly 12%. However, overall investor interest in Bitcoin is waning: outflows from spot ETFs reached a record $5.43 billion over six weeks, and total capital volume shrank to $78.3 billion — the level of November 2024. The Fear and Greed Index rose from 18 to 23 points, but is still in the extreme fear zone.
Supreme Court of the Russian Federation: Cryptocurrency is an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling, officially recognizing digital currency, digital rubles, and digital rights as objects of theft. This is an important step in forming a legal framework for crypto assets in Russia. The court also clarified that the moment of completion of theft of non-cash funds is considered the moment the money is debited from the victim's account. If the theft is committed through several successive debits united by a single intent, it is considered one continuing crime. This decision creates a precedent for clearer qualification of crypto crimes.
ESMA: Without MiCA — Out of the EU
From July 1, crypto platforms without a MiCA license are required to stop servicing clients from the European Union. ESMA demanded that companies prepare business wind-down plans in advance. Only 194 firms out of approximately 3,000 previously operating in the region have received official permits. It is expected that about 75% of old platforms will close or leave the market. For users, this means account blocking and the need to withdraw funds. The new MiCA regulation is not just a bureaucratic formality, but a fundamental restructuring of the market that is already weeding out unscrupulous players.
Ethereum: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" in the Ethereum ecosystem over the next 3–9 months. Key risks are associated with treasury reduction (a plan to cut spending from 15% to 5% by 2030) and the end of the Client Incentive Program in April 2026 without a replacement. According to Van Epps' estimate, developers need about $30 million. Without stable funding, the ecosystem risks losing key specialists and falling behind in scaling.
At the same time, Kohaku project lead at the Ethereum Foundation, Nicolas Consigny, proposed a solution for post-quantum account protection — SPHINCS- for $0.07. The method is based on the SPHINCS+ signature standard from NIST and does not require a hard fork. This is a temporary solution before the launch of a more efficient leanSPHINCS system, which will reduce costs through data aggregation.
What else to discuss?
- Media: Bankman-Fried planned to launch a token after release.
- An outdated contract on the Aztec network was hacked for $2 million.
- JPMorgan reported a deterioration in the mining economy.
- Alchemy and Visa launched payments for AI agents.
- The US will ban the issuance of CBDCs until 2030.
My view: The market continues to show a classic struggle between macroeconomic factors and geopolitics. The outflow from ETFs is a signal of institutional distrust in short-term prospects, but altcoins, as always, find their own drivers. The decision of the Supreme Court of the Russian Federation is a long-awaited step towards legalizing crypto assets in the country, albeit with a criminal law slant. And the tightening of regulation in the EU through MiCA is an inevitable process that will separate the "wheat from the chaff."