A significant reversal from a major international institution landed quietly this week. The International Monetary Fund now confirms that every bitcoin added to El Salvador's official holdings since June 2025 came from private donations — not public funds. That's a direct contradiction of language the fund used roughly a year ago, when it suggested the country's reserves were merely shuffling coins between government wallets, according to reporting from CoinDesk and The Block.
The clarification matters. El Salvador had reported a $100 million bitcoin acquisition that raised eyebrows internationally, with critics assuming taxpayer money was involved. The IMF's updated position closes that argument, at least for the period after June 2025. It also raises a question worth sitting with: what does it mean when a government builds a sovereign Bitcoin reserve through voluntary contributions rather than treasury outlays?
For donors, it means something concrete. Private individuals and organizations directing bitcoin toward El Salvador's reserve are, by the IMF's own account, the actual source of that growth. The line between charitable giving and sovereign finance turns out to be thinner than most people assumed.
ETF Inflows Hit Their Highest Mark Since January
Separately, U.S. spot Bitcoin ETFs recorded their largest single-day inflow since January — $730.9 million on Thursday, according to Cointelegraph and CoinDesk. Analysts pointed to dovish comments from Fed Governor Christopher Waller as the proximate cause, with traders cutting bets on a September rate increase.
BlackRock's IBIT alone accounts for well over half of the more than $103 billion now sitting in spot Bitcoin ETF products — the first time net assets across those funds have crossed that threshold, per CoinDesk. That's institutional capital, largely patient, largely conviction-driven. It doesn't move on a single jobs report. CoinDesk's own data analysis found that NFP releases have not historically been significant price movers for Bitcoin, which is worth keeping in mind as today's August jobs print circulates.
What the Correlation With Gold Is Telling Us
Bitcoin's correlation with gold has reached a six-year high, according to Bitcoin Magazine. Both assets are rallying together, but analysts note the driver isn't bond yields — it's a broader loss of confidence in government ability to manage long-term debt without inflating it away. One full bitcoin now buys more than 18 ounces of gold, the highest ratio since January, per CoinDesk.
That framing — Bitcoin as a hedge against fiscal erosion rather than a speculative trade — is increasingly the language institutional holders use to justify their positions. It's a different argument than it was in 2021, and it's one that holds up better when BTC moves with gold rather than against it.
Where Things Stand
- BTC price: $79,370 as of this briefing
- ETF net assets: Over $103 billion across U.S. spot products
- El Salvador reserve growth: Funded by private donations post-June 2025, per IMF
- Bitcoin-gold ratio: 18+ ounces per BTC, highest since January
On the regulatory front, House Financial Services Committee Chair French Hill told reporters he sees a bipartisan path forward for the Clarity Act ahead of a September vote, per Bitcoin Magazine. Narrowing differences between parties doesn't guarantee passage, but it does suggest the bill has more momentum than its critics expected heading into fall.
The El Salvador story is a reminder that Bitcoin donations can shape outcomes at a national scale — the same principle applies when individuals direct bitcoin to vetted charities, where every transaction is visible on-chain and nothing gets lost in the wire.