According to Crypto Rover, Florida's HB 487 and SB 550 bills, which aimed to establish a state-held Bitcoin fund, have been officially cancelled and will not advance (source: Crypto Rover on Twitter, May 6, 2025). This decision removes a potential source of significant institutional Bitcoin demand in the US, potentially reducing bullish sentiment among traders anticipating government-backed BTC accumulation. Market participants should monitor for shifts in state-level crypto policy, as similar legislative efforts in other states could still impact Bitcoin price action.