#加密投资产品连续六周净流入 #Gate广场五月交易分享 CLARITY Act and the direct causal relationship with net inflows

CoinShares explicitly pointed out in its weekly report on May 11: Bitcoin broke through $80,000 last week, "driven by the announcement of the CLARITY Act stablecoin yield compromise plan." This means that CoinShares, as the data publisher, directly attributes the core driver of this round of capital inflows to legislative progress, rather than a general market rebound.
The specific timeline is as follows: Senators Tillis and Alsobrooks released the compromise text on stablecoin yields within the CLARITY Act on May 2 — the last major point of contention in the bill's progress. Previously, crypto companies and the banking industry had been deadlocked over whether stablecoins could offer yields similar to bank deposits to users, causing the committee vote in January to be postponed. The compromise prohibits crypto companies from offering yields "economically or functionally equivalent to bank deposit interest," but allows reward programs based on "real trading activity," similar to credit card points systems.
This compromise broke the deadlock, and the Senate Banking Committee immediately announced it would hold a review and vote on May 14.

Details of net inflows over six consecutive weeks
The amount of capital inflow has increased week by week over the past six weeks, reaching $857.9 million last week, the largest single-week inflow since April 24. Among them, the US contributed $776.6 million (only $47.5 million the previous week), with Bitcoin accounting for $706.1 million, Ethereum reversed last week's outflow to a $77.1 million inflow, Solana and XRP also saw inflows of $47.6 million and $39.6 million respectively. Products shorting Bitcoin saw an outflow of $14.4 million — the largest shorting outflow this year. The total assets under management rebounded to $160 billion.

This set of data reflects market signals on several levels:
1. Regulatory certainty premium is being priced in. The six-week consecutive net inflow is not an isolated event but has been ongoing during the process of the CLARITY Act passing the House (in July last year, with a bipartisan majority of 294-134) → reaching a Senate compromise plan → committee review date set.
Institutional funds are increasing allocations at each step as the regulatory path becomes clearer, indicating the market is pricing in the expectation that "the US will establish a viable crypto regulatory framework."
2. Short positions retreating and long positions expanding happen simultaneously. The largest weekly outflow of Bitcoin short products this year, Ethereum shifting from net outflow to significant net inflow, and increased participation in altcoins — this is not cautious capital reflow but a sign of a directional confidence shift. Market consensus is shifting from "waiting and watching" to "actively deploying."
3. US-led institutional demand continues to accelerate. The $776.6 million inflow from the US accounts for over 90% of the global total. Morgan Stanley's Bitcoin ETF accumulated over $200 million in assets within weeks of listing, and BlackRock's IBIT continues large-scale buying — Wall Street's acceptance of crypto is no longer tentative but systematic allocation.
4. But the bill has not yet truly been enacted, and risks still exist.
May 14 is only a committee-level review and vote; subsequent steps include full chamber voting, coordination with the House version, and presidential signing. Coinb CEO Brian Armstrong previously withdrew support for the CLARITY Act in January, and within the industry, there are still disagreements over the details of the compromise plan.
Therefore, the current net inflow is largely "expectation-driven" rather than "confirmed certainty." If subsequent legislative processes encounter setbacks, capital flows could reverse quickly.