Bitcoin Coinbase Premium hits monthly low as CLARITY Act vote squeezes US demand
Bitcoin exchange demand on Coinbase declined after the US Senate voted against the CLARITY Act, while traders sent BTC to exchanges at an unrealized loss.
Bitcoin exchange demand on Coinbase declined after the US Senate voted against the CLARITY Act, while traders sent BTC to exchanges at an unrealized loss.
Bitcoin (BTC) demand is under pressure in the US as investors react to the failure of the CLARITY Act to advance in the Senate.
Senators failed to give CLARITY the necessary 60 votes on Tuesday, leaving only a handful of options for returning the key piece of crypto legislation to the debate stage before 2027. Bitcoin saw downside pressure on the back of the news, as US demand in particular suffered from the decision. Data from onchain analytics platform CryptoQuant shows the Coinbase Premium dropping to one-month lows of -0.079 on Tuesday.
Woo produced a chart of cumulative volume delta (CVD) data by exchange, denominated in BTC since Sept. 6. CVD measures the difference between net buyer and seller volume over a single candle, adding each candle’s data to the total for a given period. Around Sept. 11, Binance CVD began to move higher, while Coinbase continued to fall as sellers there remained firmly in control.