Bitcoin Price Steady as Institutional Buyers Continue to Pour In
Bitcoin's price remains steady at $64,972 despite the ongoing Clarity Act delay in Congress. The bill was meant to provide clearer rules for digital assets in the United States but has stalled again. However, this has not deterred institutional buyers, who continue to pour money into Bitcoin.
A new wallet recently received 1,346 BTC from Galaxy Digital's trading desk, worth around $87 million. This is just one example of a larger trend where whales are loading up on the cryptocurrency, even without regulatory clarity.
The Clarity Act delay has not affected BlackRock's spot fund, which has seen four days of net inflows, totaling 9,269 BTC and worth approximately $604 million. Arkham data shows repeated transfers from Coinbase Prime into IBIT custody.
Michael Saylor comments on the situation, saying 'Bitcoin doesn't need CLARITY. America needs clarity.' He suggests that Bitcoin's price is driven by scarcity and demand rather than regulatory developments.