IMF Disburses $139 Million to El Salvador After Bitcoin Waiver

The International Monetary Fund cleared a $139 million disbursement to El Salvador after granting a waiver for the country breaching a condition that limited further Bitcoin accumulation, Bloomberg reported. The multilateral lender had tied funding milestones to fiscal and governance targets, with explicit guardrails around sovereign crypto accumulation. The waiver removes an immediate funding roadblock for the administration while formally acknowledging the purchases that breached earlier terms. El Salvador adopted Bitcoin as legal tender in 2021 and has continuously added to its state treasury, often drawing caution from international debt monitors over transparency, custody, and fiscal risk. The concession signals a tactical pivot by the IMF, releasing scheduled capital even as the sovereign book remains exposed to spot volatility. The macro backdrop on crypto has shown resilience during the shift. While government balance sheets absorb headline scrutiny, the dealer options tape on Bitcoin shows market makers positioned in positive territory. On the major book, Bitcoin sits at 84,614.78, holding comfortably above its gamma flip at 67,565.61 with net GEX positive at 49.82 million. That structure keeps dealers in the role of shock absorbers on the asset, trading against intraday moves rather than accelerating momentum as long as spot remains north of the zero line. In broader markets, macro cross-currents remain tense. Sovereign debt has traded under pressure, with the U.S. 10-year Treasury yield recently touching an intraday high of 5.342% as reported by the Associated Press, while Brent crude trades at 102.49 on front-month futures. Across domestic equity indexes, positioning remains pinned on the defensive side of the ledger: SPY trades at 764.72, submerged below its gamma flip at 766.91, and QQQ hovers at 743.60 below its 743.82 flip. For now, crypto market makers remain cushioned by positive gamma above 67,565.61, even as sovereign headlines test the perimeter.