Wall Street Eyes Bitcoin Bottom as SEC, CFTC Push Ahead Despite CLARITY Delay

The foundation of the crypto market structure continues to firm as Q2 13F filings show banks increasing their crypto-linked ETF holdings.

Institutional investors’ revived interest in Bitcoin (

) and analysts’ view that the market bottom is nearly complete were the talk of the town last week.

After the US Senate failed to schedule a floor vote for the CLARITY Act before the August recess, crypto analysts shifted to a new set of narratives focused on pinning a date to the end of the bear market. The CFTC and SEC also announced plans to push forward crypto-supportive rules in the absence of action from Congress.

The positive shift in sentiment is backed by multiple metrics entering neutral to slightly bullish territory, but the remainder of August is chock-full of pivotal economic events.

• Aug. 19, July FOMC minutes
• Aug. 26, Q2 GDP Second Estimate, July PCE,
• Aug. 27-29, Jackson Hole Economic Policy Symposium.

Despite the gratuitous dollop of hopium, Bitcoin trading volumes at CEXs have dropped to multi-year lows. The late-week price drop to $62,500 is a reminder that the lack of buy-side volume is just one of the factors that have capped BTC’s brief rallies above $66,000.

Rundown

• Analysts Say Data Shows the Bitcoin Bottom Is In
• Slumping Trading Volumes Put a Lid on BTC Price Discovery
• CPI Result Aligns With Market Expectations
• CLARITY Stuck in the Mud: CFTC and SEC Announce Plans to Move Forward
• What’s on the Radar?