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Coinbase Premium Hits Monthly Low Amid CLARITY Act Failure

Guavy AI Editorial Team
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Bitcoin's Coinbase Premium Index hit its lowest level since August 16, dropping to -0.079 on Tuesday as US demand for Bitcoin waned following the failure of the CLARITY Act in the Senate.

The CLARITY Act, which aimed to advance cryptocurrency legislation, fell short of the necessary 60 votes, leaving investors uncertain about its future.

According to data from CryptoQuant, a significant portion of the selling pressure came from short-term holders who sent up to 34,000 BTC to exchanges in the last 24 hours, mostly at a loss.

Analyst Willy Woo observed that this behavior is 'bullish' as it indicates divergent seller activity between Coinbase and non-US exchanges, with Binance seeing increased buying activity.

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