The past week was marked by several significant events shaping a new landscape for the crypto industry. From geopolitical tensions to regulatory breakthroughs, the market continues to demonstrate its resilience, though not without nuances.
Bitcoin: A Test of Strength and Recovery
The week began with a sharp drop in Bitcoin below the $62,000 mark. The trigger was the escalation of the conflict between Iran and the US, but notably, the first cryptocurrency reacted much more calmly to subsequent rounds of tension, including the threat of blocking the Strait of Hormuz. By the weekend, the price recovered to $64,000, ending the week with a 2.2% gain. Ethereum showed similar dynamics (+2.6%), while most altcoins, including Dogecoin and Solana, went into the red.
A key indicator was that spot Bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million. This signals a return of institutional interest, although the total assets under management have still fallen by 32% since the start of the year. Ethereum funds also saw an inflow of $84.4 million. The Fear and Greed Index left the zone of extreme fear, rising to 26 points, indicating a gradual recovery in sentiment.
Kazakhstan: A New Hub for Digital Assets
President Kassym-Jomart Tokayev signed a decree aimed at creating a "modern and transparent ecosystem of digital financial services." The document, prepared with the participation of the National Bank and the AIFC, provides for several breakthrough measures. First, it legalizes the use of digital assets and stablecoins in cross-border settlements, giving businesses new tools for export-import operations. Second, a mechanism is being created for the voluntary disclosure and transfer of assets from foreign platforms to regulated Kazakh platforms. And, most importantly for retail investors, income from operations with digital assets through local infrastructure is planned to be exempt from individual income tax.
EU: MiCA Expands Its Boundaries
The European Parliament approved an official position on further regulation of digital assets. Although the document does not introduce direct changes to MiCA, it clearly points to the next targets for regulators: DeFi, crypto lending, staking, and NFTs. This is a logical continuation after the end of the MiCA transition period on July 1. The main goal is to prevent fragmentation of the single market, where individual EU countries might start creating their own local rules for these sectors.
USA: Bitcoin Reserve in Limbo
The Trump administration's initiative to create a strategic Bitcoin reserve has encountered bureaucratic obstacles. The March 2025 decree ordered the reserve to be placed in the Treasury, but doubts arose about the department's legal authority to manage such a volatile asset. Now, the Commerce Department is being considered as an alternative, while the Justice Department is searching for legally flawless options. While bureaucrats argue, the US continues to hold the largest state stockpile of 328,372 BTC (~$21 billion). Concurrently, bills in Congress are advancing to purchase 1,000,000 BTC over five years.
SWIFT Takes a Step into Blockchain
The SWIFT network announced the readiness of its blockchain infrastructure for a pilot project. 17 banks from six continents, including Citi, HSBC, and BNP Paribas, will test round-the-clock cross-border payments with tokenized deposits. The solution will connect different ledgers and synchronize obligations, although final settlements will remain in traditional systems. This is an important step towards a hybrid financial system.
My Analysis: The week showed that the market is learning to live under geopolitical turbulence, while regulators, on the contrary, are moving from words to action. Kazakhstan offers one of the most progressive models in the CIS, and the EU is preparing to close the last "gray areas." However, delays with the Bitcoin reserve in the US remind us that even the most ambitious plans can be shattered by bureaucracy. Investors should closely watch the legal battles in Washington — this could become a key driver for medium-term growth.