Trump orders Bitcoin reserve, El Salvador defies IMF, ETFs struggle | Weekly Recap

## Crypto Week in Review: Trump’s Bitcoin Reserve Fizzles, While Regulators Ease Up

**Trump’s Bitcoin Play Stalls:** President Trump’s executive order establishing a Strategic Bitcoin Reserve using seized assets has failed to ignite widespread enthusiasm. Solana co-founder Anatoly Yakovenko voiced concerns about government interference in decentralization.

**Regulatory Wins for Crypto:** The SEC dropped lawsuits against Kraken, Yuga Labs (declaring NFTs aren’t securities), and Cumberland DRW, paving the way for Kraken’s potential IPO.

**El Salvador Defies IMF:** Despite IMF pressure, El Salvador plans to continue accumulating Bitcoin.

**ETF Action & Market Moves:** Ethereum ETFs saw significant outflows ($455 million total), while Bitwise filed for an Aptos ETF and Canary advanced its Sui ETF registration. Mt. Gox moved over 11,800 BTC, likely for creditor repayments. Tether froze $28 million USDT on sanctioned exchange Garantex. Ethereum’s Pectra upgrade is delayed. Texas advances legislation allowing state Bitcoin investment.

**IPO & Funding:** Gemini confidentially filed for an IPO, while Flowdesk secured $52 million in Series B funding. Volatility Shares filed for three XRP ETFs (spot, leveraged, and inverse).

**Other News:** A LastPass breach is linked to the theft of 283 million XRP from Chris Larsen. FIFA explores its own crypto token, and Formula 1 teams secure crypto sponsorships. NFT sales surged 15.2% to $121 million.

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