Week 27, June 22–28, 2026 The crypto industry is being built into a regulated infrastructure as capital exits. A week before July 1, Europe is preparing to cleanse exchanges without MiCA, and the Bank of England is revising rules for stablecoins to meet banking standards. Prediction markets are attracting institutional money — Meta is developing its app, and Kalshi has raised its valuation to $40 billion. Meanwhile, there's a record outflow from BTC-ETF, and Strategy's preferred shares fall below par. Europe turning MiCA from a framework into a filter By the end of the transitional period on July 1, only around 200 companies have received full CASP authorization. OKX Europe CEO Erald Gues estimated that 60% of users in the EU are on platforms without a license. The crypto exchange Whitebit managed to acquire MiCA in Austria — one of nine issued by the country. Binance withdrew its application in Greece after regulators from Ireland, Latvia, and Greece cited money laundering risks. Malta has become the preferred jurisdiction for major exchanges, with Germany leading the number of CASPs issued with 57, followed by the Netherlands with 26. Prediction markets enter the institutional arena — and come under fire Mark Zuckerberg tasked Meta with creating an app called Arena modeled after Polymarket and Kalshi. Kalshi is raising funds at a $40 billion valuation compared to $22 billion in May, with revenue exceeding $2 billion amid a betting boom around the World Cup. Meanwhile, a WSJ investigation revealed that Polymarket promoted fake winnings of $1.9 million through bloggers. Institutional capital exits Bitcoin en masse for the first time in a year A record $6.4 billion exited spot BTC-ETFs over 30 days — the strongest outflow since the launch in January 2024, with total inflows dropping from $63 billion to $53.4 billion. Fund capitalization shrank to $78.3 billion — 6.2% of the coin's supply, with the outflow continuing for six weeks. Jay Jacobs from BlackRock explains this as a shift to the new income fund BITA, rather than an exodus. The Bitcoin slump has dropped Strategy's preferred shares STRC 26.7% below par, and MSTR to a 16-month low. Governments are building infrastructure for stablecoins themselves The Bank of England has removed limits on storing pound sterling stablecoins, replacing them with an issuance cap of £40 billion ($52.9 billion) and a requirement to hold 70% in short-term government bonds. In Brazil, 170 million users of the PIX payment system gain access to USDT, the largest stablecoin with a capitalization of $186.3 billion, through the Oobit service. The Bank of Korea expanded its CBDC pilot, transferring the issuance of wallets and vouchers to commercial banks. Meanwhile, Korea's financial intelligence suggested tightening the Crypto Travel Rule for transfers over 1 million won ($650).