Bitcoin traded at $80,727, up 1.7 percent over the past 24 hours, after briefly reaching $82,000 earlier in the session. This price action pushed the total crypto market capitalization above $3 trillion for the first time in months. Investor confidence strengthened on news of legislative progress for digital assets, signaling reduced regulatory overhang.
Coinbase Global led gains among publicly traded crypto companies, reflecting strong market sentiment. The exchange saw increased trading volume across its retail and institutional desks, indicating renewed participation from both segments. Its stock performance suggests market participants are anticipating a favorable regulatory environment in the U.S. for digital asset operations.
The proposed Clarity Act, currently advancing through congressional committees, aims to define the legal status of digital assets, distinguishing between securities and commodities. SEC Chair Paul Atkins has consistently expressed support for clearer regulatory frameworks, emphasizing the need for both consumer protection and fostering innovation within the sector. This legislative push reduces compliance uncertainty for traditional finance firms and large institutions contemplating deeper entry into the crypto space.
On-chain data reveals sustained accumulation by long-term holders, a key indicator of conviction. Wallets holding Bitcoin for over one year increased their aggregate holdings by 24,000 BTC last week, showing strong HODL behavior even at elevated prices. Net inflows into U.S. spot Bitcoin ETFs totaled $750 million over the past three days, indicating continued institutional demand. These consistent inflows underpin Bitcoin's price stability and upward momentum, reinforcing its position as a core asset.