Bitcoin Coinbase Premium hits monthly low as CLARITY Act vote squeezes US demand

Bitcoin saw localized selling pressure in the United States after the Senate did not advance the CLARITY Act, according to onchain analytics provider CryptoQuant. The platform reported the Coinbase Premium Index — which compares BTC pricing on Coinbase versus Binance — fell to -0.079 on Tuesday, its weakest reading since Aug. 16 when BTC/USD traded near $63,000. The metric had briefly flipped positive at the start of the week, reaching 0.004, before declining. A negative Coinbase Premium indicates comparatively lower demand on Coinbase versus Binance, and the premium has largely stayed in negative territory through 2026 as capital left the market following Bitcoin's peak near $126,200 in October 2025. Onchain analyst Willy Woo highlighted a widening split in exchange-level behavior around the CLARITY vote, showing cumulative volume delta (CVD) data where Binance’s CVD turned upward while Coinbase’s continued downward — a pattern he described as reflecting US selling while offshore platforms accumulated. CryptoQuant also identified heavy activity from short-term holders around the same period. Wallets that have held coins for less than six months sent as many as 34,000 BTC to exchanges on a rolling 24-hour basis, and 23,200 BTC of that flow arrived at a lower price than when those coins last moved onchain. The analytics firm characterized this as the largest short-term holder capitulation event recorded over the past month. Taken together, the data show immediate downside pressure tied to the failed CLARITY Act vote concentrated among US-based orderflow, while some offshore venues exhibited net accumulation. Analysts interpret the divergence differently: it could reflect transient reactive selling by newer holders in the US, even as longer-term or non-US participants continue to add to positions.