As expected, the U.S. Senate’s 49–50 procedural vote failed to allow the CLARITY Act to move forward. The market’s immediate short-term reaction was straightforward: $COIN and other crypto-related assets fell, while $BTC also came under pressure, briefly dropping below $75k. But Ajian still believes there is no need to interpret this as the U.S. turning against Crypto; it simply means that the timing of the next phase of U.S. crypto regulation has become uncertain again. The bill’s blockage is indeed bearish in the short term, but if the CFTC and SEC continue advancing through rules and enforcement boundaries, the actual market may not come to a complete standstill. Moreover, some of the pressure $BTC has faced over the past two days has also come from macro factors such as oil prices and the dollar, and cannot be entirely attributed to industry-specific factors like the bill’s failure to pass. Another easily overlooked point is that the CLARITY Act’s setback does not mean the U.S. has rejected stablecoins; on the contrary, the U.S. has already completed an important step toward establishing a stablecoin regulatory framework. In the foreseeable future, Crypto will become increasingly divided into two distinct tracks: One is trading and speculative assets; the other is dollar payments, settlement, and financial infrastructure. The latter’s connection with traditional finance will be more important than simply trading coins‍#CLARITY法案未获通过 .

$BTC Bitcoin spot markets have entered a short-term tug-of-war between bulls and bears. Technically, after a rapid prior surge, the price has begun consolidating within a high-level range, with EMA moving averages converging and intertwining, while chips have accumulated around key support levels, forming a short-term volume-contraction buildup pattern. On the capital-flow side, derivatives funding rates and spot ETF flows show strong signs of contention, with short-term momentum depending on whether volume can drive a breakout above the dense overhead selling zone. If volume fails to provide sustained support, beware of a high-level liquidity pullback draining liquidity.

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