• Despite the price decline (-55%), Fund Holdings dropped only from approximately 1.4M to 1.2M BTC (-13%), reflecting a base of holders with strong conviction. This amount represents more than 5% of Bitcoin’s circulating supply.

• Legislative status of the CLARITY Act: it passed the House in July 2025 and cleared the Senate Banking Committee in May 2026, but has yet to receive a vote by the full Senate. A cloture motion to advance consideration of the bill is scheduled to ripen on September 15 (60 votes are required to invoke cloture). Recently, Senator Cynthia Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, stated that the status quo “is not working” and warned that the bill’s momentum “will not come around again this decade.”

Written by Facundo Fama