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Bitcoin (CRYPTO: BTC) is trading near flat on Wednesday, up 0.14% to $83,788 at the time of writing. The world’s largest cryptocurrency is up 0.44% over the past week but is down 0.74% on the month as price action stabilizes following last week’s macro-driven selloff.
After suffering nearly $900 million in outflows last week, spot Bitcoin ETFs are showing signs of recovery. The funds recorded $76.4 million in net inflows on Tuesday, extending a two-day rebound after a brutal seven-day streak of outflows. BlackRock’s IBIT led the charge with $38.2 million in net new capital, while ARKB and BITB also saw healthy gains.
Total trading volume across the 12 ETFs came in at $1.6 billion on Tuesday, down from $2.2 billion the day before, according to The Block. Analysts say the recovery in CME futures basis yields has revived interest in the spot/futures arbitrage trade, helping support inflows.
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Peter Chung, head of research at Presto Research, told The Block, “the ETF inflows over the last few days may therefore be a result of the changing dynamics between the spot and the futures market.”
While Ethereum-based products continue to bleed capital, Bitcoin’s positioning as a macro hedge and growing institutional vehicle appears intact.
Bitcoin’s growing role in state-level fiscal strategy suffered a minor setback this week as Oklahoma’s Senate Revenue and Taxation Committee narrowly rejected House Bill 1203—a proposal to create a strategic Bitcoin reserve for the state.
The 6-5 vote killed the bill despite a last-minute “yes” from Sen. Christi Gillespie, who said she changed her mind after hearing from constituents, according to Decrypt.
The move puts more pressure on other states leading the charge. New Hampshire’s House recently passed a bill permitting up to 10% of state reserves in Bitcoin. Texas and Arizona also have live legislation in the pipeline, with Arizona’s House Rules Committee approving two BTC-related bills in March.
According to the tracker Bitcoin Laws, 40 bills across 20 states remain active.
On the institutional front, asset manager VanEck proposed a new hybrid bond instrument, called BitBonds, aimed at refinancing up to $14 trillion of U.S. debt. The bonds would allocate 90% to Treasuries and 10% to Bitcoin, allowing for upside capture if BTC appreciates beyond a 4.5% annual threshold.
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