CLARITY Act · Bitcoin · US Senate · CoinDesk
Crypto longs worth $570 million wiped out as Clarity Act falters
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Crypto traders holding long, or bullish, futures bets have taken a sharp hit over the past 24 hours after the Clarity Act failed a Senate procedural vote.
Key facts
- Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume
- XRP longs lost about $30 million, while Solana longs lost about $22 million
- The market responded: bitcoin, the largest cryptocurrency by market value, rose to nearly $80,000 from about $77,000 on Monday
- Exchanges liquidated about $571 million in long positions in that window, the highest tally since Aug. 22, according to CoinGlass
Summary
Crypto exchanges liquidated about $571 million in bullish futures positions after the Clarity Act failed to clear the Senate’s 60-vote procedural hurdle. Bitcoin and ether longs suffered the largest losses, at roughly $190 million each, as markets reversed a rally fueled by hopes that the bill would advance. Bitcoin remained within its recent trading range at about $75,700, while regulatory action now shifts to the executive branch, the CFTC and the SEC. Exchanges liquidated about $571 million in long positions in that window, the highest tally since Aug. 22, according to CoinGlass.