🗞 The Senate rejected the Clarity Act, triggering the largest wave of short-term holder (STH) capitulation in a month.
Yesterday, the Clarity Act failed to pass a Senate vote: 49 senators voted in favor, while 50 voted against. Advancing the bill required 60 votes.
This setback—occurring as senators leave Washington in early October and will not return to work until after the midterm elections—likely postpones regulatory clarity for the US cryptocurrency market until 2027.
The resulting uncertainty sparked a wave of market panic.
In the case of Bitcoin, this shock had a particularly strong impact on the sentiment of short-term holders (STHs).
The volume of their assets transferred to exchanges rose from 19,400 to 33,100 BTC; notably, over 10,000 BTC flowed to Binance, which remains popular due to its deep market liquidity.
However, the sharpest spike in inflows was observed on the Kraken exchange: while daily volumes typically range from 2,000 to 3,000 BTC, yesterday’s figure exceeded 6,000 BTC.
Regarding the institutional segment, 7,300 BTC moved on the Coinbase Advanced platform—a figure within normal limits—suggesting that the sell-off wave did not affect large institutional wallets.
Most notably, however, a large portion of this Bitcoin was held at a loss.
The volume of BTC transferred to exchanges at a loss totaled 23,200 coins, making this STH capitulation event the largest of the past month.
This regulatory shock exposed the structural nervousness of short-term holders, who are capable of offloading significant amounts of Bitcoin onto the market on very short notice. - Telegram channel - Kopeyechka v Koshelke
Yesterday, the Clarity Act failed to pass a Senate vote: 49 senators voted in favor, while 50 voted against. Advancing the bill required 60 votes.
This setback—occurring as senators leave Washington in early October and will not return to work until after the midterm elections—likely postpones regulatory clarity for the US cryptocurrency market until 2027.
The resulting uncertainty sparked a wave of market panic.
In the case of Bitcoin, this shock had a particularly strong impact on the sentiment of short-term holders (STHs).
The volume of their assets transferred to exchanges rose from 19,400 to 33,100 BTC; notably, over 10,000 BTC flowed to Binance, which remains popular due to its deep market liquidity.
However, the sharpest spike in inflows was observed on the Kraken exchange: while daily volumes typically range from 2,000 to 3,000 BTC, yesterday’s figure exceeded 6,000 BTC.
Regarding the institutional segment, 7,300 BTC moved on the Coinbase Advanced platform—a figure within normal limits—suggesting that the sell-off wave did not affect large institutional wallets.
Most notably, however, a large portion of this Bitcoin was held at a loss.
The volume of BTC transferred to exchanges at a loss totaled 23,200 coins, making this STH capitulation event the largest of the past month.
This regulatory shock exposed the structural nervousness of short-term holders, who are capable of offloading significant amounts of Bitcoin onto the market on very short notice. - Telegram channel - Kopeyechka v Koshelke
