BTC Breaks $93K as CLARITY Act Delay Tests Markets' Patience

Bitcoin reached a weekly high of $93,500 on January 13, even as the markup for the CLARITY Act, which aims to define crypto market structure, was postponed until late January due to disagreements over stablecoins and DeFi oversight. The price action suggests traders are unfazed by the delay, as exchange netflows remained low and the Spent Output Profit Ratio (SOPR) hovered near 1, signaling minimal profit-taking. This calm contrasts with previous regulatory scares. However, optimism is tempered by the largest liquidity drawdown ever recorded in spot Bitcoin ETFs, with many inflows now underwater, and a notable absence of retail demand. Analysts suggest that until Coinbase premium flips positive, a strong reversal may be unlikely, indicating that the current range is primarily supported by larger players.

(Source：Cointelegraph)