Bitcoin Holds Near $65K as US Senate Revives Crypto Market Structure Bill
Bitcoin Steadies Near Two-Week Highs Ahead of US Inflation Data Bitcoin is trading in a tight range between roughly $64,700 and $65,300 on Monday, holding close to its August high after a softer-than-expected July jobs report cooled expectations of a Federal Reserve rate hike. Ethereum is defending support near $1,900–$1,925 in the same window. Traders are now looking ahead to Tuesday's US Consumer Price Index release, with forecasts pointing to inflation easing slightly from 3.5% to roughly 3.4% year-over-year. That print, alongside a second inflation report later in the week, is expected to shape whether the Fed leans toward holding, cutting, or raising rates at its September meeting — a decision markets are watching closely, since only a minority of traders currently price in a rate hike.
Institutional flows are adding a supportive backdrop. Spot Bitcoin ETFs pulled in roughly $844 million over the past week, while Ethereum ETFs logged their strongest weekly inflows since April, at around $244 million. Total market-wide liquidations have also cooled, dropping more than a third from the prior day, suggesting reduced volatility as traders position ahead of the CPI release rather than chase momentum in either direction.
US Senate Sets Up September Vote on the CLARITY Act
On the regulatory front, Senate Majority Leader John Thune has filed a cloture motion on the CLARITY Act, teeing up a procedural vote when lawmakers return from recess in September. The bill — one of the most significant pieces of pending US crypto legislation — would establish a federal market-structure framework for digital assets, dividing oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Clearing the procedural hurdle will require 60 votes, meaning Republicans need Democratic support to advance the measure; the cloture vote itself doesn't guarantee final passage. Negotiations stalled before the August recess over proposed ethics provisions, including a bipartisan addendum addressing Democratic concerns about President Trump's crypto-related business interests, and separate rules governing stablecoin rewards.
Why It Matters for the Market
The timing of the two stories is notable. A friendlier rate outlook and steady ETF demand have given Bitcoin room to consolidate near multi-week highs, while renewed movement on the CLARITY Act signals that Washington may finally be closing in on a durable regulatory framework for digital assets — something the industry has pushed for since the last election cycle. Together, they point to a market balancing near-term macro catalysts against a longer legislative process that could reshape how US exchanges, token issuers, and stablecoin providers operate once (and if) the bill clears the Senate.
