The past week was marked by a series of significant events: from geopolitical fluctuations impacting the market to regulatory breakthroughs in Kazakhstan and the European Union. Bitcoin once again demonstrated resilience, and institutional interest in ETFs returned after a prolonged period of outflows. However, the key stories unfolded in the regulatory sphere — the US strategic reserve faced bureaucratic delays.
Market catches its breath: Bitcoin recovers, ETFs attract capital
The week began with an alarming signal: Bitcoin fell below $62,000 amid the escalating conflict between Iran and the US. However, subsequent rounds of escalation, including statements about a potential blockade of the Strait of Hormuz, did not trigger panic. By the weekend, the price recovered to $64,000, showing a 2.2% increase over the week. Ether rose by 2.6%, while most altcoins, including Dogecoin (-4%) and Solana (-4.4%), ended up in the red zone.
A key signal was the resumption of inflows into spot Bitcoin ETFs after a record eight-week streak of outflows. Over the week, $197.4 million flowed into these instruments, and total AUM grew to $77.4 billion. Ether ETFs also showed positive dynamics, attracting $84.4 million. The Fear and Greed Index left the extreme fear zone, rising to 26 points, and the total market capitalization increased from $2.07 trillion to $2.2 trillion. Bitcoin's dominance remains stable at 58.4%, while Ether's share rose to 9.9%.
Kazakhstan: New decree opens doors for the crypto industry
President of Kazakhstan Kassym-Jomart Tokayev signed a decree aimed at forming a "modern and transparent ecosystem of digital financial services." The document, prepared by relevant ministries and the National Bank, provides for the legalization of operations with digital assets and stablecoins for cross-border settlements. Of particular interest is the mechanism for voluntary disclosure and transfer of assets from foreign unregulated platforms to domestic ones. For individuals operating through regulated Kazakh infrastructure, an exemption from individual income tax on income from crypto asset transactions is provided. This is a bold step that could transform Kazakhstan into a regional hub for digital assets, offering clear rules of the game and tax incentives.
Europe: MiCA expands to DeFi and NFTs
The European Parliament approved an official position on further regulation of digital assets, calling for the expansion of MiCA to sectors that remained a "gray area": DeFi, crypto lending, staking, and NFTs. Although the report does not introduce direct changes to the regulation, it sets a political direction. The main goal is to prevent fragmentation of the EU single market due to local rules. After the MiCA transition period ended on July 1, crypto companies in the EU switched to mandatory licensing, and regulators are now targeting the remaining gaps.
US Bitcoin Reserve: Agency dispute stalls Trump's initiative
The ambitious plan by Donald Trump's administration to create a Strategic Bitcoin Reserve (SBR) has encountered bureaucratic obstacles. Disagreements between the Treasury and the Commerce Department over oversight and legal authority to manage the volatile asset have stalled implementation. The Justice Department is seeking legal loopholes, while the White House evaluates the optimal structure. The US still holds the largest government stockpile of 328,372 BTC (~$21 billion). Concurrently, bills such as the BITCOIN Act and ARMA, which propose purchasing 1 million BTC over five years, are advancing in Congress.
SWIFT enters blockchain: Pilot with tokenized deposits
The SWIFT network announced that its blockchain infrastructure is ready for the first phase of use. The pilot project, involving 17 banks (Citi, HSBC, BNP Paribas, Standard Chartered, and others), focuses on 24/7 cross-border payments with tokenized deposits. The solution will connect different ledgers and synchronize obligations, leaving final settlements in existing systems. This is a landmark step for integrating traditional finance and DeFi.
My comment: The week showed that the market is ripe for institutional adoption, but regulatory clarity remains the main driver. Kazakhstan and the EU offer different but important models: the former through tax incentives, the latter through strict regulation. The US Bitcoin reserve, on the other hand, demonstrates that even with political will, bureaucracy can become a serious obstacle. Investors should closely monitor developments in Washington — this could become a catalyst for a new rally.