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Opinion: Bitcoin Investors Choose to Hold and Wait for Price Increase Before CLARITY Act Vote
Summary: According to XWIN Research Japan, the U.S. Senate Banking Committee will review the cryptocurrency bill called the CLARITY Act on January 15. This review should not be seen as a short-term price catalyst, but rather as a potential turning point for Bitcoin's status in the U.S. regulatory system. Despite relatively stable prices, on-chain data has ...
According to XWIN Research Japan, the U.S. Senate Banking Committee will review the cryptocurrency bill called the CLARITY Act on January 15. This review should not be seen as a short-term price catalyst, but rather as a potential turning point for Bitcoin's status in the U.S. regulatory system. Despite relatively stable prices, on-chain data has shown a shift in market behavior. CEX net flows are a key signal. During times of regulatory uncertainty, Bitcoin typically flows into CEX as investors prepare to sell. However, such inflows have remained limited prior to discussions on the CLARITY Act. This indicates that market participants do not see the legislative process as an event requiring immediate risk mitigation. The SOPR (Spent Output Profit Ratio) also confirms this. In conclusion, these indicators suggest that the market is not in a defensive state, but rather maintaining patience. Investors seem to be holding onto Bitcoin and waiting for regulatory policies to clarify, with their holding periods lengthening. The significance of the CLARITY Act goes beyond policy debates; it could be a potential milestone for Bitcoin to integrate as a regulated digital commodity into the U.S. financial system. On-chain data has already reflected this shift: before any major price fluctuations, Bitcoin's stickiness is increasing, indicating a shift from speculative trading to institutional holding.
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Link: Opinion: Bitcoin Investors Choose to Hold and Wait for Price Increase Before CLARITY Act Vote [Copy]
