Crypto’s Momentum Is Breaking Down, and Washington Can’t Stop It
A presidential post, a landmark bill, a bold promise... and Bitcoin still hit a six-week low. The White House’s push for the CLARITY Act and its “crypto capital of the world” declaration barely moved the needle. The market has heard it all before, and right now, those words are running out of road.
- Across ten straight sessions, spot Bitcoin ETFs bled roughly $3B — representing the longest outflow streak since the products launched in Jan. 2024.
- Geopolitical jitters from the US-Iran conflict piled on — triggering ~$870M in single-day liquidations and a near-record withdrawal from BlackRock’s Bitcoin Trust.
Not everyone is hurting: With Bitcoin more than 40% below its October peak, the pain is spreading. Glassnode pegs the average cost basis for recent buyers at ~$78K, well above today’s prices, leaving most holders underwater and reluctant to add. That’s caused peers like Strategy and Circle to tumble over the past week, though capital isn’t disappearing from crypto entirely. It’s rotating into altcoins like XRP, Hyperliquid, and Near — and into equities, as the Nasdaq and S&P 500 hit record highs. Washington can keep calling this the crypto capital of the world, but the price chart says otherwise.
