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

## Crypto Week in Review: Trump’s Bitcoin Reserve Fizzles, Regulators Ease Up, and ETF Flows Remain Bleak

**Trump’s Bitcoin Gamble:** President Trump’s executive order establishing a Strategic Bitcoin Reserve, funded solely through seized assets, has failed to ignite widespread enthusiasm. Solana co-founder Anatoly Yakovenko voiced concerns about government involvement impacting decentralization.

**Regulatory Relief:** The SEC dropped lawsuits against Kraken, Yuga Labs (declaring NFTs are not securities), and Cumberland DRW, signaling a potential shift towards a less restrictive regulatory environment. Kraken is now considering an IPO.

**El Salvador Defies IMF:** Despite IMF stipulations, El Salvador plans to continue buying Bitcoin.

**ETF Woes & Mt. Gox Movement:** Ethereum ETF outflows continue, totaling $455 million over two weeks. Mt. Gox moved over 11,800 BTC, likely for creditor repayments. Tether froze $28 million USDT on sanctioned exchange Garantex.

**Development Delays & State Initiatives:** Ethereum postponed the Pectra upgrade due to testing issues. Texas advanced legislation allowing state Bitcoin investment. Several firms are pushing for new ETFs, including Aptos, Sui, and XRP (Volatility Shares filed for spot, leveraged, and inverse XRP ETFs).

**Other News:** Gemini confidentially filed for an IPO; Flowdesk secured $52 million in Series B funding; a LastPass breach linked to a major XRP theft; FIFA explored a potential crypto token; and Formula 1 teams continue attracting crypto sponsorships. NFT sales saw a 15.2% increase.

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