Following last week’s record outflows of $2.9 billion, crypto ETPs persisted on the downward trajectory, culminating in a four-week total outflow of $4.75 billion, as reported by CoinShares on March 10. Despite the decrease in outflow velocity, James Butterfill, CoinShares’ head of research, reported a sustained bearish sentiment among investors and indications of market capitulation.

Bitcoin ETPs were chiefly responsible for the outflows, contributing $756 million, an alarming 85% of last week’s total. ETPs short on Bitcoin also had outflows amounting to $19.8 million, the highest since December 2024. The past four weeks’ cumulative outflows have reached $4.75 billion, consequently lowering the year-to-date inflows to $2.6 billion.

Total assets under management (AUM) have fallen by $39 billion to $142 billion, a record low since mid-November 2024. This decrease is attributed to both negative price actions and continuous outflows, as observed by Butterfill. Altcoins such as Ether, Tron, and Aave also experienced notable ETP outflows last week, amounting to $89 million, $32 million, and $2.4 million respectively.

In other news, Utah’s Bitcoin bill has passed the state Senate without the crucial provision for establishing the state’s own Bitcoin reserve. The modified HB230 “Blockchain and Digital Innovation Amendments” bill now only offers Utah citizens basic custody protections, the right to mine Bitcoin, run a node, and participate in staking, among others. The bill is now awaiting Governor Spencer Cox’s signature.

Lastly, Changpeng “CZ” Zhao has publicly requested Elon Musk to ban automated bots on X. These bots, often operated by individuals or teams running bot farms, amplify messages by liking or retweeting posts and even commenting on posts in a coordinated manner. They frequently impersonate crypto influencers or digital asset industry executives to promote fake tokens, fraudulent airdrop scams, and phishing links designed to mislead and steal funds from unsuspecting users.

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Originally, the bill included a reserve clause that would have permitted Utah’s state treasurer to invest up to 5% of specific public funds into cryptocurrencies with a market capitalization over $500 billion throughout the previous year. This clearly was aimed at Bitcoin, the only cryptocurrency that meets this criteria.

While the state crypto reserve provision — arguably the most ambitious part of the bill — was excluded before its final passage, the revised HB230 still creates a progressive structure that encourages citizens’ participation in crypto and blockchain activities. The final version of HB230 allows state residents to self-custody their crypto assets, mine Bitcoin, operate blockchain nodes, and engage in staking without interference.

After a 19-7-3 vote in favor of the bill on Friday, it now awaits Governor Spencer Cox’s signature to become law. Before the removal of the reserve clause, Utah was considered a leader amongst U.S. states in the race to establish a Bitcoin reserve. With this provision now out of the picture, focus is likely to shift to states like Arizona and Texas, where Bitcoin reserve bills are reportedly nearing approval, according to data from Bitcoin Laws.

More than 30 states have proposed legislation related to Bitcoin or crypto reserves. Among them, Montana, North Dakota, Wyoming, South Dakota, and Pennsylvania have definitively rejected Bitcoin reserve bills.

Disclaimer: This article is for informational purposes only. It should not be considered as financial, investment, legal, or tax advice. Always conduct your own research before making any investment decisions.

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After a 19-7-3 vote in favor of the bill on March 7, it is now on Utah Governor Spencer Cox’s desk, awaiting his signature to become law. The omitted reserve clause would have empowered Utah’s treasurer to invest up to 5% of digital assets with a market cap surpassing $500 billion during the previous calendar year in five state accounts, with Bitcoin being the only digital asset currently fitting this description.

The reserve clause was removed in the third and final reading, following its approval during the second reading. The House of Utah then agreed to the amendment with a 52-19-4 vote. “There was a lot of concern with those provisions and the early adoption of these types of policies,” stated one of the bill’s sponsors, Senator Kirk A. Cullimore, during Utah’s floor session on March 7. “All of that has been stripped out of the bill.”

As of March 7, Utah seemed set to become the first US state to adopt a Bitcoin reserve, as predicted by Satoshi Action Fund’s CEO Dennis Porter on Feb. 2. However, Bitcoin reserve bills from two Arizona and a Texas bill are now closest to becoming law, according to data from Bitcoin Laws. These bills have each received a positive vote in their respective Senate committees and are now awaiting a final Senate floor vote.

Out of the 31 Bitcoin reserve state bills introduced, 25 are still active, including proposals from states like Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio, and Oklahoma. Meanwhile, bills from states such as Pennsylvania, Montana, Kentucky, and North Dakota have been unsuccessful.

On a related note, on March 7, former US President Donald Trump signed an executive order to establish a federal Strategic Bitcoin Reserve. This reserve will be funded with Bitcoin acquired from forfeitures in criminal cases, while the Treasury and Commerce secretaries have been tasked with devising budget-neutral strategies to purchase more Bitcoin.

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Dennis Porter, CEO of Satoshi Action Fund, asserts that ‘no other state has a quicker timeline, or…the political drive and determination to pass a Bitcoin bill.’ If approved in the next 45 days, Utah’s Bitcoin bill would allow state treasurers to invest up to 5% of their funds in digital assets. These assets currently boast a combined market cap exceeding $50B. Meanwhile, the launch of OpenAI’s new ‘Deep’ research assistant hints at a promising future for cryptocurrencies, particularly AI tokens like $MIND and $AIN. Let’s delve into some trending AI tokens that stand to benefit from these favorable market conditions.

1. MIND of Pepe ($MIND) – AI Agent Mining Crypto Twitter for Insights
   MIND of Pepe, a refreshed version of $PEPE, like its ancestor, features a familiar green face. Its distinguishing feature, however, is its practical functionality: an AI agent that sifts through Crypto Twitter and other social media platforms for the day’s top crypto industry insights. Given that $PEPE has attained a $4B market cap without any real-world application, $MIND’s prospects look promising, especially considering the AI market is projected to expand at a CAGR of 27.67% from 2025 to 2030. MIND of Pepe uses AI to accumulate and share its knowledge with $MIND holders, providing them with an edge in the crypto sphere.
2. AI Network ($AIN) – Converts AI Content Into Tradable NFTs
   AI Network is a blockchain platform that makes AI more accessible and enjoyable. It rewards users with its native token, $AIN, for renting out graphics processing units (GPUs), which are useful for handling complicated AI tasks. Users can run AI applications without needing costly AI software, and then convert the AI content into AI NFTs for further profit. With a market cap of $1.94M, $AIN’s price is likely to surge as AI continues to evolve.
3. Moo Shot ($MOOSHOT) – Hippo Game Providing AI-Driven Insights
   Moo Shot, inspired by Colombia’s infamous Hacienda Napolis hippos, is an innovative AI-powered ecosystem driven by its native coin, $MOOSHOT. It uses AI to deliver a dynamic gaming experience and trading insights. The project plans to integrate with the metaverse, introduce NFTs, and list on CEX, which should place it right in the heart of the rapidly growing metaverse market.
4. ChainGPT ($CGPT) – AI-Powered Chatbot, NFT Creator & News Aggregator
   ChainGPT, an AI coin attracting attention due to a 40% increase in its 24-hour volume, is the cornerstone of the entire ChainGPT ecosystem. It offers a multitude of AI-powered solutions, including a chatbot, NFT generator, news aggregator, and trading assistant. Furthermore, $CGPT is a governance token, giving all token holders a voice in the platform’s future direction.

The establishment of Bitcoin reserves by U.S. states and businesses, along with OpenAI’s unveiling of Deep, is drawing renewed interest to the entire AI sector, including AI-driven tokens like $MIND and $MOOSHOT. However, this does not constitute investment advice. We are merely spotlighting potential opportunities based on current market conditions and trends. Always conduct your own research and never invest more than you can afford to lose.

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