Arizona will not be investing in bitcoin (BTC), at least not this year.

Governor Katie Hobbs vetoed a bill on Friday that would have allowed the state to hold the digital asset as part of its official reserves.

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The legislation, known as Senate Bill 1025, proposed using seized funds to invest in BTC and create a digital assets reserve managed by the state. After passing the state House in a narrow 31–25 vote, the bill reached Hobbs' desk, where it was swiftly struck down.

“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans' retirement funds are not the place for the state to try untested investments like virtual currencу,” Hobbs wrote in a statement.

The veto ends a push that could have made Arizona the first state to set up a cryptocurrency reserve, and it could have even outpaced the U.S. Treasury Department in doing so.

Read more: As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray

Arizona Governor Calls Crypto an ‘Untested Investment,’ Striking Bitcoin Reserve Bill

A widely followed crypto analyst thinks that two altcoins have strong fundamental narratives while flashing bullish price action.

Pseudonymous trader Altcoin Sherpa tells his 245,400 followers on the social media platform X that the native assets of Curve DAO (CRV) and Hyperliquid (HYPE) are among the few “solid” altcoins in crypto.

Curve Finance is a stablecoin-focused ecosystem, specializing in the efficient and low-slippage trading of dollar-pegged crypto assets. Meanwhile, Hyperliquid is a layer-1 protocol serving a decentralized exchange (DEX).

Says Altcoin Sherpa,

“But if you’re an investor that relies on these types of fundamentals, there are a few good ones like CRV and HYPE, those charts look pretty solid overall.”

At time of writing, HYPE is worth $20.55

At time of writing, CRV is worth $0.697.

Turning to the memecoin Bonk (BONK), the trader says he plans to accumulate the altcoin at current levels.

“Staying patient for BONK and would love to buy in the green box if it gives.”

At time of writing, BONK is worth $0.0000164.

As for Bitcoin, the trader says BTC looks bullish on the high time frame after the crypto king retested the $74,000 level as support.

“Higher time frame view of BTC: higher low formed in that chop period, it was similar to that May 2021 area where price formed a low.

I think it’s a great low given the amount of time (two months) and volatility that we saw. While there are going to be some small pullbacks, I think we strongly break $100,000 in the next several weeks as long as equities don’t completely sh** the bed (sadly, I see a lot of lower high / it’s over type of posts).”

At time of writing, Bitcoin is trading for $95,921.

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Trader Says Two Altcoins Looking ‘Solid’ Overall, Updates Outlook on BONK and Bitcoin

A closely followed crypto strategist believes that the stage is now set for Bitcoin (BTC) to go on a parabolic rally.

Pseudonymous analyst TechDev tells his 522,200 followers on the social media platform X that he’s looking at a setup that has previously triggered a 6x surge for BTC.

According to TechDev, Bitcoin went on a rampage in 2020 as global liquidity erupted and gold ignited a huge upside burst.

“Time to realize you’ve been right here before.

Last time gold went parabolic as global liquidity surged out of its retested breakout…

Bitcoin launched 500%.”

TechDev supports his bullish stance on Bitcoin by pointing out that BTC has historically witnessed huge upside gains whenever global liquidity goes parabolic, just as the business cycle bottoms out.

Global liquidity refers to the amount of money sloshing in the world’s financial system, while the business cycle tracks the rise and fall of economic activity over time.

“This chart says the largest Bitcoin move in five years has begun.”

The analyst believes that the abundance of funds amid surging global liquidity and the reallocation of capital from gold to Bitcoin would serve as tailwinds for BTC’s ascent to new record levels.

“Gold goes parabolic > Liquidity breaks out > Flows to BTC + rotation from gold sends BTC parabolic

Not an original story.”

At time of writing, Bitcoin is trading for $95,925.

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Crypto Analyst Hints at 6x Explosion for Bitcoin, Says Largest BTC Move in Five Years Has Begun

In the crypto market, bold predictions aren’t just talk - they’re backed by real dollars, often through option plays that resemble lottery tickets offering outsized upside for relatively small costs.

The stand-out as of writing is the Deribit-listed $300,000 strike bitcoin call option expiring on June 26. Theoretically, this call is a bet that BTC's spot price will triple to over $300,000 by the end of the first half of the year.

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Over 5,000 contracts were active in the June $300K call at press time, with a notional open interest of $484 million. That makes it the second-most popular option bet in the crucial June expiry, trailing only the $110K call.

Deribit is the world's leading crypto options exchange, accounting for over 75% of the global options activity. On Deribit, one options contract represents 1 BTC. Quarterly expiries, such as the one due on June 26, drive heightened market activity and volatility, with traders using these deadlines to hedge positions, lock in gains, or speculate on the next price moves.

"Perhaps, people like buying lottery tickets. As evidenced by the call skew, there are always folks that want the hyperinflation hedge," Spencer Hallarn, a derivatives trader at crypto market maker GSR, said, explaining the high open interest in the so-called out-of-the-money (OTM) call at the $300K strike.

Deep OTM calls, also called wings, require a large move in the underlying asset's price to become profitable and, hence, are significantly cheaper compared to those closer to or below the asset's going market rate. However, the payoff is huge if the market rallies, which makes them similar to buying lottery tickets with slim odds but potential for a big payout.

Deribit’s BTC options market has experienced similar flows during previous bull cycles, but those bets rarely gained enough popularity to rank as the second-most preferred play in quarterly expiries.

Deribit's BTC options: Distribution of open interest across expiries (left) and strikes in the June expiry. (Deribit/Amberdata)

The chart shows that the June 26 expiry is the largest among all settlements due this year, and the $300K call has the second-highest open interest buildup in the June expiry options.

Explaining the chunky notional open interest in the $300K call, GSR's Trader Simranjeet Singh said, "I suspect this is mostly an accumulation of relatively cheap wings betting on broader U.S. reg narrative being pro-crypto and the 'wingy possibility' (no pun intended) of a BTC strategic reserve that was punted around at the start of the administration."

On Friday, Senator Cynthia Lummis said in a speech that she's "particularly pleased with President Trump's support of her BITCOIN Act.

"The BITCOIN Act is the only solution to our nation’s $36T debt. I’m grateful for a forward-thinking president who not only recognizes this, but acts on it," Lummis said on X.

Who sold $300K calls?

According to Amberdata's Director of Derivatives, notable selling in the $300K call expiring on June 26 occurred in April as part of the covered call strategy, which traders use to generate additional yield on top of their spot market holdings.

"My thought is that the selling volume on April 23 came from traders generating income against a long position," Magadini told CoinDesk. "Each option sold for about $60 at 100% implied volatility."

Selling higher strike OTM call options and collecting premium while holding a long position in the spot market is a popular yield-generating strategy in both crypto and traditional markets.

Read more: Bitcoin May Evolve Into Low-Beta Equity Play Reflexively, BlackRock's Mitchnik Says

BTC News Today: Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call

A nonprofit organization says President Donald Trump has significantly increased his net worth in a short time after venturing into the world of crypto assets.

According to a new study conducted by State Democracy Defenders Action, a nonprofit group dedicated to ending autocracy in the US, Trump has not only increased his wealth through crypto but has set himself up to earn more profits in the future.

The study further says that Trump’s position of power has allowed him to loosen regulatory policies on tokens associated with his decentralized finance (DeFi) platform World Liberty Financial (WLFI), which was founded in September 2024.

“President Trump’s recent foray into crypto assets has allowed him to substantially increase his wealth in a relatively short period of time. Trump will likely profit more from them in the future now that one of the companies he is affiliated with has added a new stablecoin to its portfolio.

Unlike other executive branch employees, he is not subject to the primary criminal conflict of interest law, which has allowed him to adopt regulatory policies that favor private sector stablecoins like those offered by WLFI.”

Citing Fortune, the study finds that Trump’s $2.9 billion worth of cryptocurrencies comprise 37% of his total assets, which amount to $7.7 billion. The study concludes by noting that Congress has the power to stop Trump from profiting from digital assets.

“The regulation of digital assets is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor.

Congress has a unique opportunity to prevent President Trump and future presidents from using their public office for private gain by adopting legislation barring them and other elected officials from holding stablecoins and other digital assets.”

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President Trump Substantially Increased Wealth in Short Period of Time After Crypto Foray, Says Nonprofit

A former bank teller in Maryland has pleaded guilty to stealing $255,000 from his employer’s clients – mostly octogenarians.

The U.S. Attorney’s Office for the District of Maryland says 27-year-old Mountee Brown has pleaded guilty to bank fraud and aggravated identity theft in connection in a scheme to steal funds from customers at a Clinton, Maryland, bank.

Prosecutors outlined a web of deceptive acts by Brown and at least two co-conspirators against five victims, four of whom were over 80 years old.

Brown’s guilty plea revealed that he used his position as a bank teller to gain access to the victims’ accounts and, using co-conspirators to “pose” as the victims walking into the bank, make at least 26 unauthorized withdrawals.

Brown verified the transactions and falsely reported that they were done by “known clients.”

Says the prosecutors,

“The co-conspirators began carrying out the scheme on October 21, 2022, when Co-conspirator #1 entered Bank A and approached Brown at his designated teller station. Brown knew that Co-conspirator #1 was not Victim #1. But Brown and Co-conspirator #1 conducted a $10,000 cash withdrawal from Victim #1’s account without Victim #1’s knowledge or consent.

Brown conducted the cash withdrawal by falsely documenting that he verified the customer, the customer was a ‘known client,’ and that the customer was known by Brown’s supervisor. Co-conspirator #1 falsely signed the withdrawal ticket as Victim #1.”

According to the DOJ, Brown repeated the same scheme multiple times, and made cash deposits of approximately $30,200 into his personal account at another financial institution, and he and his co-conspirators made off with at least $255,000.

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Bank Teller Admits to Stealing $255,000 From 80-Year-Old Clients, Triggering Unauthorized ATM Withdrawals

JPMorgan Chase and Bank of America say the US stock market’s recovery will likely be short-lived.

JPMorgan’s trading team believes that the US stock market has a bit more upside potential in the near term amid the de-escalation of President Trump’s trade war, reports Bloomberg.

But the firm warns that the true impact of Trump’s tariffs on the economy has yet to be felt, leading the team to believe that the market is not yet over the hump.

“The combination of light positioning, low liquidity, subdued investor participation means that this market is likely to drift higher in the absence of negative news such as tariff headlines or a spike in bond yields…

[However,] this is not an all clear for markets…

We are still 1-2 months away from seeing the negative impact of the trade war on the real economy.”

The bank’s equity research team shares a similar sentiment, noting it has “a bias to sell risk assets on strength rather than chasing the momentum as a complete shift in narrative will require clearing further headlines.”

Meanwhile, Bank of America’s team of market strategists says the recovery is likely not sustainable, advising clients to “sell into rallies in US stocks and the dollar.”

The bank also says debasement of the US dollar is the “cleanest investment theme to play.”

According to BofA, a depreciating dollar is a strong signal that investors around the world are moving capital away from US assets.

“Weaker US dollar will play out either slowly with lower yields or quickly with higher yields. It’s brutally flagged by the soaring gold price.”

BofA believes that the capital flight from US assets will continue unless the Federal Reserve slashes rates, Trump cuts a trade deal with China and consumer spending remains strong.

The bank also highlights that a weak US dollar suggests that investors are reallocating capital into commodities like gold and foreign stock markets.

The US dollar index (DXY), which measures the strength of the USD against a basket of other major foreign currencies, is down about 8% this year, after witnessing its deepest slide in 16 years last month.

Meanwhile, the S&P 500 is up roughly 15% since its 2025 lows of 4,835 points, which it hit on April 7th.

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JPMorgan Chase Warns Stock Market Recovery May Fade As Bank of America Recommends ‘Cleanest Investment Play’ To Clients

Tech giant Apple has softened its rules on app-related payments following a court ruling that declared the company was engaging in anti-competitive practices.

In a ruling from the Northern District of California, Judge Yvonne Gonzalez Rogers says that Apple willfully violated an injunction from its legal battle with video game developer Epic Games – the company behind Fortnite.

In 2020, Apple banned Epic’s account from the App Store when the video game developer allowed users to go outside the Apple ecosystem to get better payment deals. Epic subsequently sued Apple, accusing the tech giant of anti-competitive behavior.

Judge Rogers ruled in 2021 that Apple violated state law and ordered the tech giant to allow developers to direct users to other payment channels.

Years later, however, the judge says that the company didn’t comply, and that “Apple’s continued attempts to interfere with competition will not be tolerated.”

“This is an injunction, not a negotiation. There are no do-overs once a party willfully disregards a court order. Time is of the essence. The Court will not tolerate further delays. As previously ordered, Apple will not impede competition.

The Court enjoins Apple from implementing its new anticompetitive acts to avoid compliance with the Injunction. Effective immediately, Apple will no longer impede developers’ ability to communicate with users, nor will they levy or impose a new commission on off-app purchases.”

The court order opens the door for digital assets to become an alternative means of payment for App Store users.

Screenshots from Apple users on the social media platform X reportedly show an update clarifying that app developers are allowed to direct users to other payment methods, which may include crypto.

Commenting on the update, economist Alex Krüger said it could be “huge.”

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Apple Forced To Change Payment Policies After Court Rules Tech Giant Interfering With Competition

The founder and former chief executive of Strategy, formerly known as MicroStrategy, is revealing another Bitcoin (BTC) purchasing plan for the firm worth tens of billions of dollars.

In a new thread on the social media platform X, Michael Saylor says the firm has doubled the capital it wants to raise to accumulate the flagship digital asset from $42 billion to $84 billion.

“MSTR announces BTC Yield of 13.7% and BTC gain of $5.8 billion year-to-date, doubles capital plan to $42 billion equity and $42 billion fixed income to purchase Bitcoin, and increases BTC Yield target from 15% to 25% and BTC dollar gain target from $10 billion to $15 billion for 2025.”

In its 2025 Q1 Earnings Presentation, Strategy breaks down its “42/42” plan to continue purchasing BTC.

Currently, Strategy holds 553,555 BTC worth $53 billion, or over 2.6% of the overall BTC supply, according to data from BitcoinTreasuries.net.

Last month, Strategy announced that it had bought billions of dollars worth of BTC in three separate instances, the most significant being on April 28th when the firm purchased $1.42 billion in Bitcoin.

Strategy’s aggressive Bitcoin accumulation is beginning to draw mixed reactions.

Veteran pseudonymous crypto trader The Flow Horse tells his 267,600 followers on the social media platform X that he’s not fond of Strategy’s plan.

“Right now Michael Saylor + MicroStrategy’s Bitcoin stake is arguably the largest concentrated position in any globally traded asset by a private company or individual. Not a fan [to be honest].”

Bitcoin is trading for $96,179 at time of writing, a 1.3% decrease during the last 24 hours.

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Michael Saylor’s Strategy Unveils $84,000,000,000 Bitcoin (BTC) Purchasing Plan

The number of crypto projects that launched over the past four years has skyrocketed by over 1,500%, according to new data from the leading market aggregator CoinGecko.

In a new report, CoinGecko says only 428,383 crypto projects were launched in 2021 and listed on the decentralized exchange (DEX) tracker GeckoTerminal.

But by 2025, that number has surged to nearly 7 million.

CoinGecko says much of the explosive growth is linked to Pump.fun, a Solana (SOL)-based cryptocurrency launchpad that enables users to deploy memecoins without extensive technical knowledge and significant capital.

Data from crypto analytics firm Dune shows that the platform has facilitated the creation of more than 10 million tokens since last year.

Says CoinGecko,

“Much of this jump can be attributed to the launch of pump.fun, which simplified the process of creating tokens, leading to a flood of meme coins and low-effort projects entering the market.”

But more than half of the crypto projects flopped. CoinGecko says 3.7 million of the 7 million cryptocurrencies listed on GeckoTerminal since 2021 have stopped trading and are considered failed.

“52.7% of all cryptocurrencies on GeckoTerminal have failed, with the majority occurring during 2024 and early 2025.”

The report says 1.8 million tokens collapsed in the first quarter of 2025 alone. The number represents 49.7% of all recorded project failures from 2021 to 2025.

“This sharp decline in token survivability may be linked to broader market turbulence, particularly following Donald Trump’s inauguration in January 2025, which coincided with a downturn in the crypto market.”

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Skyrocketing Number of Crypto Projects Can Be Attributed to Launch of Pump.fun, According to CoinGecko

Strike CEO Jack Mallers says that gold and Bitcoin (BTC) will be useful assets to hold during an imminent reordering of the global financial and geopolitical landscape.

In a new interview with independent journalist David Lin, Mallers says that the US has been running unsustainable trade deficits for far too long and is slowly running out of demand for its debt.

Moving forward, Mallers says global markets will likely witness a realignment and a “trade flow reordering” – one in which scarce and fixed-supply assets like BTC and gold shine.

“The reality is this is not a very sustainable practice. Printing pieces of paper out of thin air in exchange for real goods and services is not a relationship that is to be sustained. It actually was a reaction to a decimating World War, and so what I think we’re living through is the unwind of that.

When you see President Trump say things like ‘we need to fix our deficits, we need to bring back the middle class, we need to bring back the manufacturing class, we need to be able to produce our own stuff, it’s because there is a global trade imbalance happening where China is running a trade surplus of something to the tune of a trllion dollars a year, and the US, given this economic alignment globally, has racked up over $35 trillion worth of debt.

And there are no marginal lenders to the United States anymore, we’re on the brink of a sovereign debt crisis.

And so I think there’s a lot of volatility and a lot of trade flow reordering that we’re living through today, and investors trying to predict when these things are liquidity positive and liquidity negative, how the volatility is going to impact certain structural markets, it’s a very dangerous game to play.

I think investors were probably caught offside for the first three months of Trump’s inauguration because he’s been so pro-business, so pro-growth, so pro-deregulation, that they probably got ahead of their skis. But now we’re starting to really understand how the world needs to realign, the impacts of that, and just the true power that a fixed-supply asset like a gold or a Bitcoin can have in a portfolio.”

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Bitcoin and Gold Powerful Tools for Investors Amid Approaching ‘Sovereign Debt Crisis’: Jack Mallers

Investor and venture capitalist Preston Pysh says Bitcoin (BTC) is the key to solving a problem plaguing modern economies.

In a new YouTube interview with Natalie Brunell, Pysh says the global financial system is fundamentally flawed because it allows governments to issue currency without a “global peg,” or a trusted asset that guarantees its value.

Pysh argues that Bitcoin is the only asset capable of addressing the root cause of currency debasement and recurring market meltdowns.

“The problem in the world was there was no global peg. There was no global peg that could be trusted. That was truly the problem. That’s why fiat kept expanding. That’s why you got these crazy valuations it’s because they’ll just print more money and then it just continues to blow out and create chaos because nobody can trust the underlying fundamental unit.

So there was no peg. That’s what Bitcoin was solving.”

Pysh also believes that Bitcoin’s primary function is to serve as a store of value, with its use as a cash-like medium being secondary.

“How in the world are all these governments going to come to a collective consensus that they can trust each other when everybody is racing to debase their currency? There was no solution.

People were telling me, ‘Oh, it will be the IMF and [its] special drawing rights and all this other stuff,’ which all required trust. And I was like, ‘I don’t think so. I don’t think that solves it.’

And so then I see Bitcoin like, ‘Finally, here’s something that actually solves this massive, huge engineering problem…

I think that you have to first have store of value, and it has to continue to appreciate in value because of its store of value properties before people are going to want to conduct commerce and everyday payments, and it is treated as cash.”

At time of writing, Bitcoin is trading for $95,956.

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Bitcoin Solving Global Problem That Triggers Chaos and Fiat Currency Expansion, Says Preston Pysh

The world’s largest crypto exchange platform by volume is adding support for a new liquidity infrastructure project, causing its native asset to skyrocket.

In a new announcement, Binance says that on May 2nd, it rolled out support for the decentralized omnichain protocol StakeStone (STO).

“Binance is excited to announce the 17th project on the HODLer Airdrops page – StakeStone, a decentralized omnichain liquidity infrastructure protocol designed to transform how liquidity is acquired, distributed, and utilized across blockchain ecosystems.”

The HODLer Airdrops program, which launched in June 2024, rewards those holding Binance’s native asset BNB with crypto based on previous snapshots of their balances.

News of the addition caused STO to explode, as it went from a May 2nd low of $0.118 to a peak of $0.204 just hours later. The digital asset has since retraced and is trading for $0.197 at time of writing, a 64.3% increase during the last 24 hours.

The project’s whitepaper says it aims to solve the issue of liquidity fragmentation within the digital assets industry.

“The fragmentation of liquidity across different chains and protocols across the blockchain ecosystem results in billions of dollars in trapped capital and missed yield opportunities, reducing value creation and ecosystem growth.

Users face complex workflows and high costs when moving assets between chains, while protocols struggle to maintain deep liquidity pools.

StakeStone serves as a foundational infrastructure layer that enables efficient liquidity distribution across the entire blockchain ecosystem. By providing a standardized framework for cross-chain liquidity management, StakeStone empowers both established and emerging networks to access and deploy capital efficiently.”

STO was also a part of Binance Alpha, a wallet feature that started in December 2024. At the time, the crypto exchange said it was “a new platform within the Binance Wallet that shines a spotlight on early-stage crypto projects with the potential to grow within the Web3 ecosystem.”

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Arizona Governor Calls Crypto an ‘Untested Investment,’ Striking Bitcoin Reserve Bill

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