El Salvador Halts Bitcoin Purchases Under IMF Loan Terms
An IMF program review report shows El Salvador has not bought new Bitcoin since February 2025 to comply with a non-accumulation clause in its $3.3 billion IMF loan agreement. Contrary to President Bukele’s claims of daily purchases, Bitcoin holdings remain at around 6,243 BTC, with observed transfers reflecting Chivo wallet consolidation rather than fresh reserves. El Salvador provided all hot and cold wallet addresses for IMF monitoring and is restructuring its crypto strategy to reduce fiscal risks. Traders should note that halted Bitcoin accumulation may temper demand signals and influence short-term market sentiment.
Bearish
El Salvador’s pause in new Bitcoin purchases removes a known source of institutional demand, which could weigh on price and trading volume in the short term. The clarification of holdings at 6,243 BTC and the loan’s non-accumulation clause reduce uncertainty but eliminate fresh buying catalysts. Over the long term, the restructuring of El Salvador’s crypto strategy and transparent wallet monitoring may foster more predictable policy but are unlikely to offset the immediate drop in demand. These factors point to a bearish impact on Bitcoin.