Indiana's operation is a bit ruthless - direct legislation requires pensions to be allocated to Bitcoin ETFs. This may be the most radical attempt at state policy in the United States.

Looking at the data, Michigan's pension fund has bought $114 million in Bitcoin ETFs, and Wisconsin is even more aggressive, directly reaching 387 million. If other states follow suit, the top 10 pension funds alone could theoretically hit the market by more than $20 billion. This volume is no joke.

However, the key depends on whether the new federal 401(k) regulations in 2026 will be implemented. If this happens, it will be equivalent to upgrading from a state-level pilot to a national policy linkage. Now it is necessary to keep an eye on the legislative developments of each state and the changes in the data of net ETF inflows - these two indicators will directly reflect the effect of policy transmission.

In addition, if the self-custody rights clause is widely implemented, the threshold for retail investors to hold positions will be lowered a lot, and the liquidity of on-chain assets may also increase. This matter is worth continuing to observe.