Clarity Act passed the Senate Banking Committee Thursday, 18-6. It’s basically giving crypto an actual legal framework. News dropped, BTC shot up to 82k, then not even a day later it’s back at 78k.

I was on bydfi watching funding rate the whole time and literally see funding was positive when the news hit, people piling into longs. But the moment price touched 82k it started sliding, couple hours later funding flipped negative. So some people were already selling while retail was still buying in. Classic.

This playbook is so old. BTC ETF last year? Same exact thing. Price pumped before the news, the second it was official that was the top. Coinbase IPO in 2021? Opening price was the high. When some big crypto milestone happens it just becomes an exit for the people who got in early.

Also, Clarity Act just passed committee. It still needs a full Senate vote, then the House has to do the whole thing all over again. GENIUS Act went through the same process and got torn apart by amendments, the final version was completely different. So, why would Clarity Act be any different? They still have politicians going after Trump’s family and their crypto stuff; there are plenty of reasons for this to get stalled.

I’m starting to think the market already priced in the whole “regulation is getting friendly” narrative. From the ETF last year to all these bills moving forward this year, the market front ran every step. If expectations are already tapped out,I think there’s just no room left to go up when the law actually passes.

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