Weekly results: Bitcoin on a roller coaster, cryptocurrencies in Russia — no longer just numbers, but an object of theft
The past week was a real test for the digital asset market. Bitcoin, like a seasoned tightrope walker, balanced between geopolitical hopes and macroeconomic reality, while regulators on both sides of the Atlantic adjusted the rules of the game. Let's break down the key events without any fluff.
Bitcoin: $62,000 — $67,000 — $64,000: Non-Stop Swings
The week started with optimism: the leading cryptocurrency surged from $64,000 to a local peak of $67,278 amid rumors of a truce between the US and Iran. However, the market quickly sobered up — statements from both sides were contradictory, and fundamental factors like weak demand weighed on prices. On Thursday, following the Fed meeting led by Kevin Warsh, where the key rate remained at 3.5-3.75% with hints of a possible hike, Bitcoin broke below the $64,000 level. The climax came on Friday: renewed uncertainty in the Middle East sent the price crashing to $62,000. But the weekend brought a surprise — news of resumed negotiations and falling oil prices pushed the asset back to just above $64,000.
Notably, Bitcoin's price remained virtually unchanged on a weekly basis. This gave altcoins an edge. Solana gained 8.6%, Ethereum rose 3.5%, and the Hyperliquid token surged nearly 12%. This is a classic signal of capital flowing from the "heavyweight" into riskier but potentially more profitable assets. However, it's too early to relax: the Fear and Greed Index, while rising from 18 to 23 points, is still in the "extreme fear" zone. Investors remain nervous.
Confirmation of this is the record six-week outflow from spot Bitcoin ETFs. Over this period, these products lost about $5.43 billion, and the total capital in them shrank to $78.3 billion — the level of November 2024. Ethereum funds are also out of favor: outflows amounted to ~$10 million for the week, with negative dynamics persisting for six consecutive weeks. The market is clearly waiting for clearer signals.
Russia: Supreme Court Equates Cryptocurrency with Money in Criminal Law
On June 16, the Plenum of the Supreme Court of the Russian Federation made an important clarification in judicial practice. Digital currency, digital rubles, and digital rights were officially recognized as objects of theft. This means that cryptocurrency theft will now be classified under articles on theft, robbery, and assault, on par with ordinary money or property.
Separately, the court clarified that the moment of completion of non-cash theft is the moment funds are debited from the victim's account. And if the theft occurs through several consecutive debits but within a single intent, it will be considered one ongoing crime. This is a significant step towards forming a legal framework for crypto assets in Russia, providing law enforcement with clearer tools to combat digital crimes.
Europe: MiCA Takes Effect — Unlicensed Platforms Depart
The European regulator ESMA reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. According to Hogan Lovells estimates, only 194 out of 3,000 companies previously 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 blocks and the urgent need to withdraw funds from unlicensed exchanges. The European market is undergoing a "cleanup" that, on one hand, will increase security, but on the other, will reduce competition.
Ethereum Ecosystem: Warning of a Funding Crisis
Former Ethereum Foundation employee Trent Van Epps is sounding the alarm: in the next 3-9 months, the ecosystem could face a "slowly escalating funding crisis." Key risks include the shrinking of the foundation's treasury (a plan to reduce annual spending from 15% to 5% by 2030) and the end of the Client Incentive Program in April 2026, which was a key mechanism for funding client teams. According to Van Epps, about $30 million is needed to support developers. Without stable funding, Ethereum risks losing critically important talent and falling behind in preparing for challenges, including quantum computing.
Quantum Threat: Protecting Ethereum for $0.07
Amid these concerns, there was also encouraging news. Kohaku project lead at the Ethereum Foundation, Nicolas Consigny, presented the concept of post-quantum account protection, SPHINCS-. The solution, based on the NIST standard, will secure wallets from quantum computer attacks without requiring a hard fork. The implementation cost is just about $0.07. This is an intermediate step before launching the more efficient leanSPHINCS system. The question is not whether the quantum era will arrive, but whether we are ready for it. And Ethereum seems to be betting on being ahead of the curve.
My take: The week showed that the market remains extremely sensitive to geopolitics and macroeconomics, yet demonstrates surprising resilience. Outflows from ETFs and a low Fear Index are not panic, but rather a wait-and-see stance from institutions. The Russian Supreme Court's decision is not a tightening, but an acknowledgment of reality: cryptocurrency has become part of the economy, and its protection must be at the legal level. And the warning about Ethereum's funding crisis is a signal to the community: decentralization requires not only technology but also a sustainable economic model.