On May 1, according to Cointelegraph, the North Carolina House passed the Digital Asset Investment Bill (HB 92) with a vote of 71 in favor and 44 against, allowing the state treasurer to invest up to 5% of state funds in approved cryptocurrencies. The bill has now been submitted to the state Senate for review.

North Carolina Treasurer Brad Briner publicly supports the bill, making North Carolina the second state in the U.S. to promote government crypto investment after Arizona. The Arizona legislature passed two bills related to crypto reserves (SB 1025/SB 1373) on April 28, which are currently awaiting Governor Katie Hobbs' signature. Arizona may become the first state in the U.S. to require public funds to invest in Bitcoin.

Various states in the U.S. are gradually beginning to pass reserves, which is good for liquidity, but it is important to note that this is just a passage, and there has not been any substantial inflow of funds yet.

At the same time, ETF inflows have shifted to outflows as of yesterday. The continued inflow of purchasing power is decreasing, which may lead to a breakout of the pressure zone, indicating a lack of momentum.