The past week was marked by several landmark events that set the direction for the entire industry. From geopolitical maneuvers in Kazakhstan to institutional changes in EU regulation, let's break down the key trends.

Market: Bitcoin Shows Its Character

The week started with anxiety: Bitcoin fell below $62,000 amid escalating tensions between Iran and the US. However, unlike previous crises, the reaction of "digital gold" to subsequent geopolitical shocks was remarkably calm. By the weekend, the asset had recovered to $64,000, showing a weekly gain of 2.2%. Ethereum showed similar dynamics (+2.6%), although most altcoins, including Dogecoin (-4%) and Solana (-4.4%), went into the red.

A key signal was the interruption of a record eight-week streak of outflows from spot Bitcoin ETFs. Over the week, $197.4 million flowed into these instruments, increasing total AUM to $77.4 billion. Ethereum funds also saw inflows of $84.4 million. The Fear and Greed Index crawled out of the "extreme fear" zone to 26 points, and the total market capitalization grew from $2.07 trillion to $2.2 trillion. This suggests that institutional investors see current prices as an attractive entry point, despite macroeconomic uncertainty.

Kazakhstan: A New Hub for Digital Assets

President Kassym-Jomart Tokayev signed a decree that could radically change the crypto industry landscape in the region. The document aims to create a "modern and transparent ecosystem of digital financial services." Key points include legalizing the use of digital assets and stablecoins for cross-border settlements, as well as an amnesty for capital held on foreign unregulated platforms, with its subsequent transfer to Kazakh platforms.

Particular attention should be paid to the tax incentive: income of individuals from operations through regulated infrastructure is planned to be exempt from personal income tax. This is a direct signal to miners and traders that could turn Kazakhstan into one of the most attractive jurisdictions for legal crypto business in Eurasia.

Europe: MiCA Expands Its Boundaries

The European Parliament approved its official position on further regulation of digital assets. Although the document does not make direct changes to the current MiCA regulation, it clearly outlines the next targets for regulators: DeFi, crypto lending, staking, and NFTs. This happened immediately after the end of the MiCA transition period on July 1, when all crypto companies in the EU switched to mandatory licensing.

The main intrigue here is how regulators will be able to apply traditional financial norms to fully decentralized protocols. It is clear that Brussels intends to prevent market fragmentation and create uniform, strict rules of the game for all participants.

USA: Bitcoin Reserve Stuck in Bureaucracy

The Trump administration's initiative to create a Strategic Bitcoin Reserve (SBR) has encountered serious bureaucratic obstacles. The main dispute has unfolded between the Treasury and the Commerce Department — who will manage the reserve? Lawyers from the Justice Department are looking for legal options, but so far the White House cannot determine the optimal structure. Recall that the US already holds the largest state reserve of 328,372 BTC (~$21 billion), and bills for the purchase of another 1,000,000 BTC are pending in Congress. The delay in the process is a negative signal for the market, which expected more decisive action.

SWIFT and Blockchain: The Old Guard Strikes Back

The SWIFT network announced the readiness of its blockchain infrastructure for the first phase of use. A pilot project involving 17 major banks (Citi, HSBC, BNP Paribas) focuses on round-the-clock cross-border payments with tokenized deposits. This is an important step showing that traditional financial giants do not intend to cede the market to crypto startups but are integrating the technology into their processes. Final settlements, however, will remain in legacy systems, indicating a gradual, rather than revolutionary, transformation.

My view: The week showed that the market is gradually adapting to geopolitical shocks, and regulators worldwide are moving towards greater certainty. Kazakhstan is making a bold move, trying to seize the initiative from "gray" zones, while the EU and US are laying the foundation for the next stage of institutionalization. The main risk is bureaucratic red tape, which could slow down the adoption of key decisions, especially in the US.