Clear bill passed! BTC's violent rise, but how far can this wave go? Hey guys, you all saw the big news last night! The United States Senate Banking Committee passed the Clarity Act with a vote of 15-9, igniting the cryptocurrency market in an instant and piercing through $82000 with Bitcoin! This is a milestone step in the history of US cryptocurrency regulation - the bill explicitly categorizes Bitcoin as a "digital commodity" under the jurisdiction of the CFTC, greatly reducing legal uncertainty. But don't get too excited too early. There are still 2-3 hurdles before the bill is truly implemented. The two versions of the Senate will merge, requiring 60 votes from the entire House. The President will finally sign it. The current deadline set by the White House is July 4th. Don't forget to look at the data behind it - ETFs are experiencing record outflows, and institutions are taking advantage of favorable conditions to sell. Is this a bull's return or the final lure? But! ETFs are experiencing record outflows - the biggest risk On May 13th, there was a net outflow of $635 million in a single day, setting a record for the largest single day withdrawal since the launch of the Bitcoin spot ETF. BlackRock IBIT: $285 million (outflow for multiple consecutive days); Ark ARKB: -177 million US dollars; Fidelity FBTC: -133 million US dollars; This is an extremely split signal: Retail investors chase the rise in FOMO; Institutions are taking advantage of favorable shipping conditions. ETF outflows have occurred for two consecutive days, with a cumulative outflow of 841 million US dollars this week. Institutions are 'borrowing news to ship'. The final conclusion is that the clear passage of the bill is a significant positive and long-term benefit for the cryptocurrency market. But in the short term, we need to pay attention to the pace - ETFs are experiencing record outflows, and institutions are taking advantage of favorable conditions to sell. This is not a starting signal for a bull market, but a structure of 'good news realization'. The market is experiencing a surge in volume, but there is heavy pressure above. Technically speaking, above 82000 is a strong resistance zone for the 200 day EMA, and the probability of a direct breakthrough is not high. It is more likely to oscillate in the range of 80500-82500. 82300-82800 is still a strong resistance zone. If it is blocked from falling back here, the 'money giving position' for short orders will still be valid. Powell will step down tomorrow, and this variable has not been implemented yet.