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

Bitcoin (BTC) demand is under pressure in the US as investors react to the failure of the CLARITY Act to advance in the Senate.Key points:Bitcoin’s Coinbase Premium Index fell to -0.079 on Tuesday, its lowest level since Aug. 16.US sell-side pressure diverged from other major exchanges as the CLARITY Act failed to advance in the Senate.Short-term holders sent 34,000 BTC to exchanges in the last 24 hours, potentially for sale at a loss. This constitutes the largest inflow in a month.Analyst sees “bullish” signal as Coinbase selling diverges from BinanceSenators failed to give CLARITY the necessary 60 votes on Tuesday, leaving only a handful of options for returning the key piece of crypto legislation to the debate stage before 2027. Bitcoin saw downside pressure on the back of the news, as US demand in particular suffered from the decision. Data from onchain analytics platform CryptoQuant shows the Coinbase Premium dropping to one-month lows of -0.079 on Tuesday.The Coinbase Premium, which measures the difference in price between Coinbase’s and Binance’s BTC/USDT pairs, briefly turned positive at the start of the week, reaching 0.004, but fell deeper over the course of Monday. It cu...