The past couple of days have been full of bearish news, so it's pretty remarkable that we’re holding steady around 60,000. First up, the CLARITY Act has faced public opposition from four major U.S. law enforcement agencies. As the most anticipated regulatory boost for the second half of the year, the U.S. CLARITY Act, which aims to define the structure of the crypto market, actually encountered intense bipartisan and administrative pushback on the 25th. On that day, four major U.S. law enforcement agencies jointly sent a letter to Congress, openly opposing Section 604 of the Act, claiming it would weaken anti-money laundering (AML) enforcement. Assets like XRP, which are highly sensitive to this Act, immediately plummeted, testing a recent low of $1.04 during intraday trading on the 25th. Second, yesterday’s $10.6 billion quarterly options expiry triggered forced sell-offs. The bullish sentiment over the past couple of months led to derivative traders holding extremely heavy long positions, pushing the options max pain point to the 72,000–74,000 range. This resulted in the intense BTC price swings we’ve seen over the past 48 hours.