Bitcoin Coinbase Premium Falls To Monthly Low As Clarity Act Failure Hits US Demand

Bitcoin’s Coinbase Premium Index dropped to its lowest level in a month on Tuesday, signaling weakening U.S. demand following the Senate’s failure to advance the Clarity Act.

US Selling Diverges From Global Exchanges

Data from CryptoQuant showed the Coinbase Premium, which compares bitcoin’s price on Coinbase versus Binance, falling to -0.079, its weakest reading since mid August. The metric had briefly turned positive earlier in the week before sliding as the vote approached, reflecting reduced buying interest from U.S.-based traders relative to international markets.

One onchain analysts highlighted a growing split in exchange activity around the vote, noting that selling pressure intensified on Coinbase while buying activity picked up on Binance starting around September 11. They described the divergence as a potentially bullish signal, suggesting U.S. investors were selling while offshore buyers continued accumulating.

Short-Term Holders Drive Reactive Selling

Short term bitcoin holders, those holding coins for less than six months, sent roughly 34,000 BTC to exchanges within 24 hours, marking the largest such movement in a month. Of that total, about 23,200 BTC were moved at a price lower than when the coins last changed hands, indicating many investors sold at a loss following the bill’s failure.