The CLARITY Act failing was a one time shock to prices. For valuations, it's a lasting overhang. > BTC broke below $75K, -4% > ETH slipped under $2360, -5.7% > COIN -10% > CRCL -11% 🚨 Crypto equities lost 2 to 3x more than BTC itself. The market clearly does not think the bill's failure damaged BTC's store of value case. ETF flows and institutional allocation are still the floor under spot. And the bill wasn't even the whole story, macro was doing the heavy lifting too: > The 10Y yield above 5% > Oil past $105 > Sep hike odds above 92% ‼️ That's what's really pricing this week. The bill just pushed over what was already leaning. #Bitcoin #Ethereum #CLARITYAct #Crypto #Fed #FOMC