BTC Price Stability Sparks Bullish Bets Amid CLARITY Act Uncertainty

Bitcoin's price action has been relatively stable recently, and some experts believe this could be a bullish signal. Matt Hougan, Chief Investment Officer at Bitwise, thinks that when bear markets die in apathy, it's clear they're dead.

Hougan points out that even with negative news, such as the Situational-Awareness selloff and Saylor unloading his bags, Bitcoin hasn't budged. This suppressed volatility could eventually lead to a price surge.

Meanwhile, Bitcoin miners have found a way to print something more valuable than BTC, AI tokens worth roughly 10x more per unit of power. Matthew Sigel, Head of Digital Assets Research at VanEck, notes that this arbitrage opportunity is sitting inside every mining rig right now. However, he also warns that this could pull hash rate off the Bitcoin network and turn miners into bigger BTC sellers.

The market is pricing in defeat on the CLARITY Act, but John Gillen, Host of the Milk Road Show, thinks an actual pass would be a violent, reflexive bullish surprise. He predicts that if the bill passes, it could send Bitcoin into the high 70s and flip it back into a technical bull market overnight.

Ethereum is growing its user base, but Matthew Dawson, Co-Founder of Ethereum Institutional, notes that it's barely making any money from it. Robinhood's new Ethereum layer-2 chain has pulled in millions of potential users, but only a few thousand dollars of that activity is flowing back to ETH in fees.