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The Texas House passed Senate Bill 21 (SB 21) on Wednesday to create a state- 
managed bitcoin reserve, advancing it to Governor Greg Abbott’s desk for final 
approval or veto within 20 days. Cryptocurrency in State Hands: Texas 
Legislature Passes Bitcoin Reserve Bill The bill, titled the Texas Strategic 
Bitcoin Reserve and Investment Act, aims to […]

Texas House Approves Strategic Bitcoin Reserve Bill, Awaits Governor’s Signature

This content is provided by a sponsor. Is the crypto market gearing up for its 
next big breakout? All signs suggest that Bitcoin ( BTC) and Ethereum ( ETH) 
are building momentum for a massive bull run, with experts and enthusiasts 
eyeing a potential moonshot. But while the crypto giants hog the limelight, 
there’s another […]

Bitcoin, Ethereum, and Lightchain AI Climb Towards a Bull Run Moonshot

**Key takeaways:**
 * Spot Bitcoin ETF inflows and low leverage suggest the BTC rally has room to grow.
 * US Federal Reserve liquidity and weak bond sales support a Bitcoin push beyond $110,000.
Bitcoin (BTC) was unable to sustain its bullish momentum after reaching a new 
all-time high of $109,827 on May 21, which led traders to question whether 
derivatives markets mainly drove the rally. From a broad perspective, the $77 
billion in Bitcoin futures open interest has undoubtedly played a role. 
However, a closer look at the data shows a more positive outlook for further 
price gains.
_Bitcoin 2-month futures annualized premium. Source:__Laevitas.ch_
The current 7% annualized Bitcoin futures premium is well within the neutral 
range of 5% to 10%, which has been typical for the past two weeks. This 
indicator can easily exceed 30% during periods of strong optimism, so the 
current level is relatively low. At the same time, the absence of excessive 
leverage reduces concerns about a rally driven primarily by derivatives.
## Balanced order books and spot Bitcoin ETF inflows point to spot-driven 
rally
For comparison, during the previous Bitcoin $109,346 all-time high on Jan. 20, 
the annualized futures premium reached 15%, showing a much higher level of 
leveraged bullish positions affecting the price. Therefore, the current 
Bitcoin derivatives market appears healthier, suggesting strong demand in spot 
markets.
During the January bull run, Bitcoin&#8217;s price on Coinbase traded at a premium 
compared to other exchanges. This so-called Coinbase premium is not present 
now, which means buying pressure is more evenly spread out&#8211;a sign of a 
healthier market.
_Coinbase Bitcoin/USD relative to competitors. Source: TradingView / 
Cointelegraph_
While excessive buying pressure on a single exchange is not necessarily 
bearish, it can make it easier to trigger unsustainable price surges when 
liquidity is low. This data supports the idea that derivatives markets were 
not the main driver of the recent price increases.
Moreover, the $1.37 billion in net inflows to spot Bitcoin exchange-traded 
funds (ETFs) in the United States between May 15 and May 20 further suggests 
that spot buyers, rather than derivatives traders, were the primary force 
behind the rally.
Despite the lack of conviction in Bitcoin futures, several indicators point to 
further upside. Forced liquidations of bearish BTC futures positions were 
relatively low at $170 million between May 18 and May 21, cementing the idea 
of a spot-driven rally. In comparison, the rally to $104,000 on May 9 
triggered $538 million in liquidations over three days.
_**Related:**__**Is Bitcoin price close to a cycle top? &#8212; 5 indicators that 
help traders decide**_
 _Bitcoin options put-to-call ratio at Deribit. Source:__Laevitas.ch_
On May 21, Bitcoin options markets showed a slight increase in demand for put 
(sell) options, but nothing unusual. For comparison, the put-to-call ratio at 
Deribit dropped to 0.4x during the previous bull run on Jan. 20, reflecting 
lower confidence due to reduced volumes in call (buy) options.
Bitcoin&#8217;s upward movement may have been limited by macroeconomic factors, 
especially as the tariff war continues. Still, the potential for the price to 
reach $110,000 and higher is partly based on the weak position of the US 
Federal Reserve. Injecting liquidity could ease recession concerns, but it 
also reduces the appeal of government bonds, which favors risk-on assets like 
Bitcoin.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Bitcoin hits new highs in the absence of ‘unhealthy’ leverage use — Will the rally continue?

Texas is on the verge of becoming the third U.S. state to establish a state- 
managed Bitcoin. The Texas Strategic Bitcoin Reserve and Investment Act, SB 
21, was approved by the House of Representatives with a vote of 101-42. The 
bill…

Texas approves Bitcoin reserve bill, awaits governor’s signature

America&#8217;s powerful banking lobby is &#8220;panicking&#8221; over the potential of 
stablecoins to disrupt their traditional business model, particularly when it 
comes to yield-bearing stablecoins, according to Austin Campbell, a New York 
University professor and founder of Zero Knowledge Consulting.
In a May 21 social media post that begins with, &#8220;The Empire Lobbies Back,&#8221; 
Campbell claimed that the banking industry is especially alarmed by the 
potential for stablecoins to offer interest or rewards to holders.
In a pointed message aimed at Democratic lawmakers, Campbell wrote that &#8220;banks 
want you to protect their cartel so they can keep screwing your voters.&#8221;
He went on to explain how fractional reserve banking enables banks to maximize 
profits while offering depositors minimal interest.
The banking lobby says that if stablecoins pay interest or any other type of 
monetary reward, banks will be &#8220;harmed,&#8221; Campbell added.
_An excerpt of Campbell &#8216;s X post. Source: __Austin Campbell_
&#8220;This is naked pandering for cartel protection,&#8221; he said while urging the 
opposition party to avoid &#8220;screwing&#8221; its voters with supporting any type of 
blanket ban on stablecoin interest payments.
Campbell has long advocated for sensible stablecoin legislation in the United 
States, warning a Congressional subcommittee in April 2023 that failing to 
enact such laws would push issuers overseas.
_**Related:**__**Pareto launches synthetic dollar backed by private credit**_
## The rise of yield-bearing stablecoins
Campbell&#8217;s scathing assessment of the traditional banking industry comes amid 
a wave of stablecoin issuers launching yield-bearing tokens.
As reported by Cointelegraph, the US Securities and Exchange Commission (SEC) 
in February approved the first yield-bearing stablecoin security by Figure 
Markets. At the time of its launch, the new YLDS token offered a 3.85% yield.
_Figure Markets &#8216; Form S-1 registration with the SEC for its yield-bearing 
stablecoin. Source: __SEC_
Figure Markets is by no means the only player going down the yield-bearing 
stablecoin route.
In February, Tether co-founder Reeve Collins announced that his Pi Protocol 
will allow investors to mint the USP stablecoin in exchange for USI, an 
interest-paying equivalent.
Spark Protocol&#8217;s USDS also offers holders interest payments generated through 
decentralized lending and tokenized Treasurys.
_Stablecoins have come a long way since October 2014, when Tether launched 
USDt. Source:__S &amp;P Global_
&#8220;It&#8217;s unacceptable to not be receiving at least the risk-free rate for holding 
stablecoins,&#8221; Sam MacPherson, CEO of Spark Protocol developer Phoenix Labs, 
told Bloomberg.
Aside from Bitcoin (BTC), stablecoins have arguably become the most impactful 
use case for blockchain technology, with Coinbase Canada CEO Lucas Matheson 
telling Cointelegraph that global stablecoin volumes are nearly three times 
those of credit card giant Visa.
_**Related:**__**Canada lags with stablecoin approach, but there &#8216;s room to 
catch up**_