The bill has been delayed again and again, while institutions are quietly accumulating positions. I know this script well.

Grayscale says the CLARITY Act delay risks Bitcoin's recovery, opposing calls for another 80% drop in Bitcoin, and the next cycle low may be determined by policy rather than panic. Bitcoin fell below $60k, down over 50% from its peak. Pandl points out that the market is closely related to the Federal Reserve's policy and the progress of the bill in the Senate. The bill passed the Senate Banking Committee in May, but the outlook for a full vote is still unclear. He also said an 80% crash is unlikely in the previous cycle because the bull market was moderate and institutional demand was solid.