Bitcoin ETFs Experience $450M Outflows After Clarity Act Fails in Senate
Following the failure of the Digital Asset Market Clarity Act to advance in the U.S. Senate, Bitcoin exchange-traded funds (ETFs) experienced significant outflows totaling $450 million on September 15, marking one of the largest single-day redemptions since June. The legislation had aimed to establish a regulatory framework for cryptocurrencies but failed due to insufficient support, receiving only 50 votes in favor and 49 against—short of the required 60-vote threshold. The rejection led to declines in cryptocurrency-related stocks such as Coinbase Global (COIN) and MicroStrategy (MSTR), while Bitcoin's price dropped by approximately 4% below $76,000. Analysts anticipate that the next major test for Bitcoin will be the U.S. Federal Reserve’s decision on interest rates later that day, with traders expecting a potential rate hike of 25 basis points to combat high inflation. Higher interest rates are generally viewed as detrimental to risk assets like cryptocurrencies.
Topics: Bitcoin ETFs BTC price Clarity Act outflows Senate vote