Arizona stands at a pivotal crossroads in cryptocurrency history. On April 29, 2025, the state legislature passed Senate Bill SB1373 by a vote of 37 to 19, achieving the first joint approval of a Bitcoin strategic reserve by a state-level House and Senate in the United States. This is the first cryptocurrency-related bill submitted for the governor's signature in the U.S., making it significant. However, the Bitcoin price has not surged dramatically due to this positive news; why is the market so calm? How will Governor Katie Hobbs' decision rewrite the future? Let's explore.
If SB1373 is passed, it will authorize Arizona to invest up to 10% of its state finances and public pensions in cryptocurrencies like Bitcoin. This would make Arizona the first state in the U.S. to include digital assets in its official reserves, setting a benchmark for the institutional application of cryptocurrency worldwide. The smooth passage of this bill highlights lawmakers' recognition of the strategic value of digital assets in financial diversification.
Currently, the bill has been submitted to Governor Hobbs, who has five working days (until May 6) to decide the fate of the bill, with options including:
Signing it into law will make the bill law, ushering in the era of state-level Bitcoin reserves.
Veto the bill; unless the legislature overturns it with a two-thirds majority, the bill will be shelved.
Remain silent, allowing the bill to automatically take effect after the deadline.
Governor Hobbs' decision not only concerns Arizona's financial policy but also affects the cryptocurrency landscape in the United States and globally.
The passage of SB1373 should have boosted the market, but Bitcoin's price only fluctuated slightly, failing to create a surge. What is the reason? Firstly, the governor has not yet signed it, and the uncertainty of the policy has dampened players' enthusiasm. Secondly, Bitcoin's recent turnover rate is low, and market sentiment is cautious. Additionally, the U.S. GDP data to be announced on April 30 will trigger fluctuations, prompting some players to choose to wait and avoid risks.
Governor Hobbs' decision is highly anticipated. Previously, she expressed concerns about funding for the disabled, but this issue was resolved last week, significantly reducing the reasons for a veto. However, the veto power remains in her hands. If the bill is vetoed, supporters will need to secure a two-thirds majority in both houses to override the veto, which is quite difficult in the current environment. Another option is to modify the bill and resubmit it at the next session, but this will delay the process.
If the bill passes, its impact will be immeasurable. Arizona will become a magnet for the blockchain industry, attracting innovative companies and enhancing economic vitality. At the same time, this will inject confidence into institutional investment in Bitcoin, promoting its status in mainstream finance.
Bitcoin is currently supported strongly in the range of $92,000 to $97,000, with a high concentration of chips and a solid market foundation. On April 28, the U.S. spot Bitcoin ETF recorded a net inflow of 6,310 coins (approximately $591 million), and institutional confidence continues to rise. However, the long/short ratio is low, reflecting insufficient market momentum, and it may maintain a fluctuating pattern in the short term. Although there is hope to challenge new highs this week, daily technical indicators show signs of fatigue, casting doubt on sustained upward momentum. If the market is strong, it may enter a phase of adjustment; if momentum weakens, Bitcoin may face a certain degree of correction.
