US Bitcoin Demand Falters After CLARITY Act Vote
The failure of the CLARITY Act to advance in the Senate has put pressure on Bitcoin demand in the US. The Coinbase Premium Index, which measures the difference in price between Coinbase's and Binance's BTC/USDT pairs, fell to its lowest level since August 16th at -0.079. This indicates a comparative lack of demand from Coinbase traders compared to Binance users.
Onchain analyst Willy Woo noted that the divergence in seller behavior between Coinbase and non-US exchanges intensified around the vote. He flagged that the more dominant global offshore exchange, Binance, continued to accumulate while US-based Coinbase saw sellers firmly in control.
Woo described this scenario as 'bullish' and attributed it to the CLARITY Act's failure. Short-term holders (STH) also sent 34,000 BTC to exchanges at a loss, potentially marking the largest recorded STH capitulation event over the past month.