Bitcoin tested $58,000, the Ethereum Foundation announced a reorganization and spending cuts, SpaceX lost $600 billion in market value over three days, and other highlights of the week.
Bitcoin under pressure
On the evening of June 24, the price of the digital asset plunged to $59,000. The move reflected inverse dynamics — the U.S. Dollar Index (DXY) hit a 13-month high, pressuring risk assets.
Over the next day, the first cryptocurrency tested $58,000. On Binance the price reached $58,100, while the volume-weighted local year-to-date low across exchanges was $58,454 (CoinMarketCap). The pullback came amid an escalation in the Persian Gulf, where the U.S. and Iran resumed exchanging strikes. The sides accused each other of violating the truce.
After a bounce, the price stabilized around $60,000. The asset is range-bound, down more than 6% for the week.
The flagship’s move dragged the broader market lower. The steepest declines were in Dogecoin (11.6%), Ethereum (8.2%) and XRP (8%). The correction also hit the Hyperliquid token, which had rallied for several weeks. Over the past week, HYPE fell nearly 7%.
Outflows from spot bitcoin ETF products continued for a seventh straight week, accelerating to $1.79 billion. That is the second-largest weekly loss on record after $2.61 billion in late February 2025.
Ethereum-based funds showed a similar dynamic, with investors pulling $273.3 million for the week.
The crypto Fear and Greed Index remained in extreme fear. The reading fell from 23 to 18.
Total market capitalization fell to $2.07 trillion. Bitcoin’s dominance continued to decline, reaching roughly 58.1% versus 58.4% a week earlier. Ethereum’s share slipped from 9.5% to 9.2%.
Ethereum Foundation to cut spending by 40% and overhaul governance structure
The Ethereum Foundation (EF) announced a major reorganization and unveiled an updated governance structure. At the same time, Ethereum co-founder Vitalik Buterin said the foundation is cutting its budget by about 40% as it transitions to a long-term capital management model.
Under the new plan, the foundation’s work will focus on three key areas: core Ethereum protocol development, ecosystem support and strengthening network resilience.
EF said the new structure is intended to increase transparency and accelerate execution on strategic goals tied to the blockchain’s further development. It is organized around three pillars: Protocol (protocol development), Acceleration (technology adoption and ecosystem growth) and Stewardship (long-term resilience of the network and community).
In parallel, Buterin outlined details of the financial strategy. According to him, EF is gradually moving away from its previous spending model.
Until 2026, the foundation spent about 15% of its remaining reserves annually; after 2030, this should drop to 5%.
The 40% budget cut has already led to staffing decisions and the winding down of some initiatives.
What to discuss with friends?
- The crypto industry set a record for the number of hacks.
- Russia’s Government Commission approved a draft law on AI.
- In Thailand, illegal mining was linked to laundering $300 million.
- The U.S. Department of Justice seized the infrastructure of Huione Group’s “crypto laundering” operation.
Rosfinmonitoring to tighten oversight of bitcoin transactions
Rosfinmonitoring is preparing changes to the regulation of digital currencies, adviser to the director Vlada Korchagina said.
New crypto market participants will be required to carry out full customer identification and disclose information on beneficiaries and beneficial owners. The requirement will apply to brokers and trust managers planning to work with cryptocurrencies and digital rights.
To reduce operational burden, crypto exchangers and depositories will be allowed to transfer identification functions to commercial banks and licensed securities market participants.
Another change is an expansion of mandatory controls. Five new types of crypto-related transactions will be added. In parallel, the digital depository is planned to be integrated into the information support system for transfers.
To comply with the Travel Rule, crypto transactions will include end-to-end information about the sender and recipient. A similar standard already applies in the EU and most FATF jurisdictions.
SpaceX lost $600 billion in three days — nearly half of bitcoin’s market cap
SpaceX’s market value fell by more than $600 billion over three trading sessions — nearly half of bitcoin’s market capitalization.
On June 22, Elon Musk’s company saw its shares drop 16% to $154.6. The sell-off began after reports that the firm plans a first public issuance of dollar-denominated investment bonds worth $20 billion. The proceeds are expected to go primarily toward refinancing a bridge loan tied to the xAI acquisition.
Over three trading days, SpaceX shares fell about 23%. A week earlier, the company’s valuation was nearing $2.5 trillion, and after the sell-off it slipped to just above $2 trillion.
According to experts, the low free float may have influenced the price action. With a limited number of shares available, even individual headlines can move the stock significantly. The drop in SpaceX coincided with a broader correction in technology stocks. Additional pressure came from the financials of xAI, which posted a 2025 operating loss of $6.36 billion on revenue of $3.2 billion. Another factor was the $60 billion acquisition of Cursor developer Anysphere.
SpaceX closed the week at $153.2 — more than 30% below the all-time high of $225.64. The company’s market cap stood at $2.02 trillion.
Also on ForkLog:
- The Ethereum Foundation identified MEV as one of the key risks to the network.
- Validators were proposed to redirect up to 10% of rewards to Ethereum development.
- Trump ordered U.S. federal systems to transition to post-quantum cryptography.
- The Pentagon expanded the role of AI in military strategy.
OpenAI unveils GPT-5.6 model family
OpenAI opened limited access to GPT-5.6 Sol, Terra and Luna via API and Codex for a small group of trusted partners. The company launched the preview at the request of U.S. authorities.
OpenAI expects to make GPT-5.6 Sol, Terra and Luna generally available in the coming weeks. Before launch, the company presented the models’ plans and capabilities to the U.S. government. At the authorities’ request, the initial stage is a limited preview, and information about partners was provided to the government. OpenAI added it does not see this approach as a long-term norm.
The company calls Sol the flagship of the line, Terra a “workhorse” model for everyday tasks, and Luna a fast and inexpensive option. By OpenAI’s estimate, Terra delivers performance comparable to GPT-5.5 at half the price. Luna is described as the most affordable model in the lineup.
What else to read?
We examined which campaign promises by U.S. President Donald Trump became law and which remained political rhetoric.
We compiled the week’s most notable security developments in our regular digest.
