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Bitcoin exchange-traded funds shed $450 million in net outflows, the largest single-session withdrawal since June, as $BTC fell 2.5% and the CLARITY Act failed to advance in the Senate.
Fidelity and BlackRock funds led the selling. The case for reading this as a structural break in institutional demand runs directly into the question of what triggered it.
The CLARITY Act's failure to advance in the Senate is a concrete regulatory setback, and its timing matters.
A 2.5% drop in $BTC and the largest ETF outflow since June arriving on the same day suggests the two events were not independent.
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