BlackRock Buys BTC Again, Solana’s U.S. Reserve Scenarios, Texas Passes Bitcoin Bill!

BlackRock's IBIT Makes First BTC Purchase in 7 Days, Solana Founder Presents 3 Major Scenarios for US Strategic Reserve, Texas Senate Passes Bitcoin Reserve Bill

Here are the top three news stories over the past day presented to you by UToday.

BlackRock's IBIT Makes First Bitcoin Purchase İn Seven Days

In a recent move, BlackRock, the leading asset manager, has purchased Bitcoin, reversing a six-day streak of outflows in the Bitcoin ETF market.

Per data from Farside Investors, BlackRock’s IBIT recorded $38.9 million in Bitcoin inflows, which prevented the ETF market from experiencing a third consecutive day of cumulative outflows.

Notably, the asset manager's buying spree follows its recent offloading of $1.252 billion worth of Bitcoin in the last seven days of trading.

The asset manager made massive BTC sell-offs that reached into the hundreds of millions for five consecutive days, the highest being $418.1 million. Before registering a zero outflow, the minimum outflow recorded was $78 million.

Analysts believe that this development is a positive change for the ETF market, as it might ease concerns among institutional investors that stemmed from the recent outflows trend.

Solana Founder Presents Three Major Scenarios For U.S. Strategic Reserve

Yesterday, March 6, Solana founder Anatoly Yakovenko took to X platform to share his view on what U.S. strategic reserve should look like, offering three possible scenarios.

The post appeared ahead of the first-ever Crypto Summit in the White House that was set to take place today, March 7. First, there should be no reserve at all, as putting the government in charge of decentralization would lead to failure, Yakovenko believes.

Second, each state could establish its own reserve, which would serve as a hedge against any mistakes from the Fed.

Third, if there has to be a reserve, it has to be based on measurable criteria, whatever they are.

There has been speculation circulating within the crypto community that Solana could become part of the strategic reserve; however, Yakovenko clarified that he was never approached about this matter.

Texas Senate Passes Bitcoin Reserve Bill

As became known yesterday, The Texas Senate has approved a strategic Bitcoin reserve bill (SBR). The bill (SB21) has passed in a 25-5 vote.

This comes after several other states rejected comparable bills in quick succession, signaling Texas's unique willingness to embrace crypto.

According to Senator Charles Schwertner, Bitcoin proved itself as "the most preferred because of its limited supply and adaptability." Conversely, Senator Roland Gutierrez, one of the opponents of the bill, criticized the flagship asset for being too volatile and unregulated.

Filed on Feb. 12, the SB21 stipulates that the reserve would be funded from appropriations, revenues as well as donations, setting no specific investment limit.

It allows investing in Bitcoin or an altcoin that has a market capitalization of at least $500 billion. Now that it has passed the Senate, the bill is headed to the House, where committee action is expected by May 24, with over 20 other states already proposing their own SBR bills.