Bitcoin Coinbase Premium Drops to Monthly Low After Senate Rejects CLARITY Act

Bitcoin demand in the United States weakened after the Senate voted against the CLARITY Act, a key piece of crypto legislation. The fallout was reflected in the Coinbase Premium Index, which fell to -0.079 on Tuesday – the lowest reading since August 16.

Coinbase Premium hits one‑month low

The Coinbase Premium measures the price difference between Bitcoin/USDT pairs on Coinbase and Binance. After briefly turning positive early in the week (0.004), the premium slipped back into negative territory and settled at -0.079, indicating weaker buying pressure on Coinbase relative to Binance.

Divergent seller behavior across exchanges

On‑chain analyst Willy Woo highlighted a growing divergence: Binance’s cumulative volume delta (CVD) rose from September 11 onward, while Coinbase’s CVD continued to decline as sellers dominated. Woo described the pattern as “bullish” for offshore markets.

Short‑term holders move BTC at a loss

CryptoQuant reported that short‑term holders (wallets with UTXOs younger than six months) transferred roughly 34,000 BTC to exchanges within a 24‑hour window. Most of these coins were moved at prices lower than their last on‑chain transaction, marking the largest short‑term inflow to exchanges in a month.

Implications for Bitcoin price

The negative premium and loss‑making inflows suggest reduced US buying pressure, while offshore demand on Binance appears to remain resilient. Market observers note that Bitcoin has been trading below its October 2025 peak of $126,200, with the current BTC/USD level near $63,000 as of the latest data.