Bitcoin Sees Institutional Inflows as Texas Advances Crypto-Friendly Legislation

BlackRock’s Bitcoin ETF Sees Major Inflows

BlackRock’s IBIT Bitcoin ETF has recorded $38.9 million in inflows, marking a reversal from a six-day streak of outflows in the Bitcoin ETF market. This purchase comes after the asset manager sold $1.252 billion worth of Bitcoin over the past seven days, with daily outflows reaching as high as $418.1 million. Analysts view this shift as a positive sign for the ETF market, potentially easing concerns among institutional investors.

Solana Founder Proposes Scenarios for U.S. Strategic Reserve

Solana founder Anatoly Yakovenko outlined three potential scenarios for the U.S. strategic reserve ahead of the White House Crypto Summit. His proposals include eliminating the reserve entirely, allowing states to create their own reserves, or establishing one based on measurable criteria. Despite speculation about Solana being part of the reserve, Yakovenko clarified he hasn’t been approached about the matter.

Texas Senate Approves Bitcoin Reserve Bill

The Texas Senate passed a strategic Bitcoin reserve bill (SB21) in a 25-5 vote, advancing it to the House for further consideration. The bill, which allows investments in Bitcoin or altcoins with a market cap of at least $500 billion, is funded through appropriations, revenues, and donations. Supporters highlight Bitcoin’s limited supply and adaptability, while critics raise concerns about its volatility and lack of regulation. Over 20 other states have proposed similar legislation.