Analyzing the latest data from the International Monetary Fund, I discovered an extremely telling trend: El Salvador, once a pioneer in adopting bitcoin at the state level, has effectively frozen its investments in the first cryptocurrency. According to the reports, starting from June 27, 2025, all inflows to state crypto wallets represent exclusively private donations. This means that the country's government not only refrained from using budget funds for new BTC purchases but, more importantly, does not expect any further inflows in the foreseeable future.
This news comes in the context of a significant event: the achievement of a preliminary agreement between the IMF and President Bukele's administration. It concerns the consolidation of the second and third reviews of the current 40-month Extended Fund Facility financial support program. Successful passage through all necessary internal Fund committees opens up the possibility for the country to receive additional financing of about $140 million.
Such dynamics look quite logical. On the one hand, we see El Salvador's clear desire to save face and not abandon its status as a crypto-friendly jurisdiction, as evidenced by the continued acceptance of donations. On the other hand, the strict fiscal discipline required by the IMF is obviously taking precedence over ambitious experiments. In fact, the country has found a compromise: while formally remaining in the crypto space, it has completely ceased active speculative operations with state reserves.
For me as an analyst, this is a signal that the era of reckless state buying of bitcoin has ended. Now, Nayib Bukele's priority is macroeconomic stability and access to traditional capital markets, rather than a volatile digital asset. The only question is whether El Salvador will be able to resume purchases after the IMF program concludes, or whether this is a silent admission that bitcoin never became a full-fledged tool of state financial policy.