The first cryptocurrency tested the $58,000 mark, the Ethereum Foundation announced a reorganization and budget cuts, SpaceX lost $600 billion in market capitalization over three days, and other events from the past week.

Bitcoin Under Pressure

On the evening of June 24, the price of digital gold dropped to $59,000. This decline exemplified reverse convergence, as the US Dollar Index (DXY) reached a 13-month high, putting pressure on risk assets.

Hourly chart of BTC/USD on Binance. Data: TradingView.

The following day, Bitcoin tested the $58,000 level. On Binance, the price hit $58,100, with the average local low across exchanges since the beginning of the year at $58,454 (CoinMarketCap). This drop occurred amid escalating tensions in the Persian Gulf, where the US and Iran resumed hostilities, each accusing the other of violating a ceasefire.

After a rebound, the price stabilized around $60,000. The asset is trading sideways, having lost over 6% in value over the week.

Source: CoinMarketCap.

The price movements of the flagship cryptocurrency dragged the entire market down. The most significant declines were seen in Dogecoin (11.6%), Ethereum (8.2%), and XRP (8%). The correction also affected the Hyperliquid token, which had been rising for several weeks; its price dropped nearly 7% recently.

Outflows from spot Bitcoin ETFs continued for the seventh consecutive week, accelerating to $1.79 billion. This marks the second-largest weekly loss in history, following the $2.61 billion outflow recorded at the end of February 2025.

Source: SoSoValue.

Ethereum-based funds showed a similar trend, with investors withdrawing $273.3 million from products over the week.

Source: SoSoValue.

The cryptocurrency fear and greed index recorded extreme fear, dropping from 23 to 18 points.

Source: Alternative.me.

The total market capitalization fell to $2.07 trillion. Bitcoin's dominance continued to decline, reaching approximately 58.1%, down from 58.4% the previous week. Ethereum's share dropped from 9.5% to 9.2%.

Ethereum Foundation to Cut Budget by 40% and Restructure Governance

The Ethereum Foundation (EF) announced a major reorganization and unveiled a new governance structure. Concurrently, Ethereum co-founder Vitalik Buterin stated that the foundation is reducing its budget by about 40%, shifting to a long-term capital management model.

Under the new plan, the foundation will focus on three key areas: developing the core Ethereum protocol, supporting the ecosystem, and strengthening network resilience.

EF stated that the new structure aims to enhance organizational transparency and expedite the implementation of strategic tasks related to the blockchain's further development. It is built around three areas: Protocol Development, Technology Acceleration, and Network and Community Stewardship.

Simultaneously, Buterin revealed details of the organization's financial strategy. He noted that EF is gradually moving away from its previous spending model.

Previously, the foundation spent about 15% of its remaining reserves annually until 2026; after 2030, this figure is expected to drop to 5%.

The 40% budget cut has already led to staffing decisions and the scaling back of some initiatives.

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Rosfinmonitoring to Tighten Control Over Bitcoin Transactions

Rosfinmonitoring is preparing changes to the regulation of digital currency circulation, as reported by the agency's advisor, Vlada Korchagina.

New participants in the crypto market will be required to conduct full client identification and disclose information about beneficiaries and beneficial owners. This requirement will affect brokers and trust managers intending to work with cryptocurrency and digital rights.

To reduce operational burdens, crypto exchanges and custodians will be allowed to delegate identification functions to commercial banks and professional securities market participants.

Another change involves expanding mandatory monitoring to include five new types of cryptocurrency-related operations. Additionally, a digital depository is planned to be integrated into the information support system for transfers.

In compliance with the Travel Rule, crypto transactions will be accompanied by comprehensive information about the sender and recipient. A similar standard is already in place in the EU and most FATF jurisdictions.

SpaceX Lost $600 Billion in Three Days—Almost Half of Bitcoin's Market Cap

SpaceX's market capitalization dropped by over $600 billion in three trading sessions—almost half of Bitcoin's market value.

Source: Yahoo Finance.

On June 22, shares of Elon Musk's company fell by 16% to $154.6. The sell-off began after reports of the company's plans to conduct its first public issuance of investment bonds in dollars for $20 billion. The funds are primarily intended for refinancing a bridge loan related to the purchase of xAI.

Over three trading days, SpaceX's stock fell by about 23%. A week earlier, the company's valuation was nearing $2.5 trillion, but after the sell-off, it dropped to just above $2 trillion.

Experts estimate that the dynamics may have been influenced by the low volume of shares available for trading. With a limited number of shares in circulation, even individual news items can significantly impact prices. SpaceX's decline coincided with a broader correction in tech stocks. Additional pressure came from the financial performance of the xAI division, which reported an operating loss of $6.36 billion on revenues of $3.2 billion in 2025. Another factor was the $60 billion acquisition of AI assistant developer Cursor by Anysphere.

SpaceX's stock closed the week at $153.2, more than 30% below its all-time high of $225.64. The company's market capitalization stands at $2.02 trillion.

Also on ForkLog:

  • The Ethereum Foundation identified MEV as one of the key risks to the network.
  • Validators were encouraged to redirect up to 10% of rewards towards Ethereum development.
  • Trump mandated federal systems in the US to transition to post-quantum cryptography.
  • The Pentagon expanded the role of AI in military strategy.

OpenAI Unveils GPT-5.6 Model Family

OpenAI has 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 US authorities.

OpenAI plans to make GPT-5.6 Sol, Terra, and Luna publicly available in the coming weeks. Before the launch, OpenAI presented the models' plans and capabilities to the US government. At the request of US authorities, the initial phase is being conducted as a limited preview, and information about partners has been shared with the government. OpenAI added that it does not consider this arrangement a long-term norm.

Sol is referred to as the flagship model, Terra as the "workhorse" model for everyday tasks, and Luna as a fast and cost-effective option. According to OpenAI, Terra performs comparably to GPT-5.5 while being twice as affordable. Luna is described as the most accessible model in the lineup.

Further Reading

We explored which campaign promises made by US President Donald Trump became laws and which remained mere political rhetoric.

We compiled the most notable security events of the week in our traditional digest.