Web3 minds were focused on the CLARITY Act, Bitcoin, treasury management and more this week.
CLARITY Act
“We need to pass the Clarity Act now! Enough nonsense already. Why?
“It finally ends years of SEC ‘regulation-by-enforcement’ uncertainty in crypto and DeFi, which has chilled innovation and driven talent/business offshore. Clear rules enable institutional adoption, tokenization (RWAs), custody at banks, and mainstream integration—unlocking trillions in potential capital from pensions, insurers, and traditional finance.
“DeFi and validator safe harbors, plus a workable CFTC pathway for decentralized assets, protect innovation that the status quo threatened. Pro-crypto voices (including Trump administration pressure) and prediction markets see passage as highly likely and a major catalyst for U.S. leadership in crypto. The yield restriction is seen by many as a short-term compromise for long-term regulatory certainty and growth.
“Without the bill, continued limbo and enforcement actions would be far more damaging.
“This is also a big net positive for banks who – love them or hate them – are relied upon by everyone. Specifically, the passive-yield ban directly addresses banks’ biggest fear: deposit flight. Banks and trade groups warned that unrestricted stablecoin rewards could pull hundreds of billions (estimates ranged from $500B to $6.6T) out of the traditional banking system, shrinking lending capacity for mortgages, small businesses, and communities. The current draft closes that loophole.
“It levels the playing field. Stablecoins cannot functionally compete as ‘interest-bearing deposits’ outside the regulated banking system. RIA’s may be the big exception as they can – as a fiduciary – advise clients on tapping DeFi yields directly.
“Banks gain new opportunities: clearer paths for crypto custody, tokenization services, and participation in digital-asset markets without unfair non-bank competition. The bill brings crypto activity under federal oversight, which banks view as stabilizing for the broader financial system.
“The current CLARITY Act draft trades some crypto upside (stablecoin yield products) for massive regulatory clarity and U.S. market leadership. For the crypto industry it is a HUGE net positive despite the pain; for banks it is unambiguously positive. Passage still requires Senate action and possible House-Senate reconciliation.”
– Bill Barhydt, CEO of Abra
Nakamoto sells Bitcoin at a loss
“Cracks are beginning to show in the digital asset treasury (DAT) market. Nakamoto may be the first of many to offload some of its Bitcoin at a loss as the bear market drags on. There is real contagion risk here.
“Given the current geopolitical situation and Bitcoin market dynamics, its price is likely to remain below $70,000 for some time and could fall further to a range around $55,700-$58,200 in the coming weeks. This ongoing weakness would put further pressure on DATs, which could in turn exacerbate the sell-off.”
– Nic Puckrin, co-founder and CEO of Coin Bureau
“I wouldn’t rely too much on (Bitcoin Impact Index). It may suggest that the asset is oversold, and other indicators are showing the same thing right now.
“However, the key question is how long it can stay in this condition – it could be a week or several months. Also, being oversold doesn’t mean the price can’t continue to fall further.”
– Ruslan Lienkha, chief of markets, YouHodler
Bitcoin
“BTC still looks range-bound here, not outright weak but not in a clean risk-on regime either. Spot holding around $67,685 alongside exchange outflows suggests there is still underlying accumulation, but options positioning into end-of-week expiry reflects uncertainty more than conviction, with skew and IV being shaped primarily by macro inputs, dollar strength, and rate repricing rather than crypto-native demand. The $300 million in derivatives outflows after the Trump-Iran headlines read more as tactical de-risking than a structural exit, although that backdrop still leaves altcoins more exposed given their higher beta and weaker defensive narrative.
“For now, Powell and Friday’s jobs report matter more than any single crypto signal: a hotter print likely adds downside pressure through rates repricing, while a softer one gives spot room to move. We would focus less on $65,000 and more on the $60,000 area, which is closer to the 200-week moving average and the lower end of the prior range.”
– Nicolai Søndergaard, research analyst at Nansen
“I would focus on how tech stocks, especially software companies, are behaving, as I see a strong connection between them and Bitcoin.
“In general, Bitcoin tends to move in line with stock markets over the long term, especially with the S&P 500. However, there are periods when they move differently. For example, from October to February, when Bitcoin was falling while the index stayed near its highs.
“If we look closer, we can see that some groups of stocks, like software companies, actually have a stronger correlation with Bitcoin than the overall index.”
– Lienkha
“Bitcoin has made a significant advance in recent days, surpassing the $69,300 threshold and posting gains of over 5% this week. This move has been primarily driven by renewed risk appetite across global markets. Comments from U.S. President Donald Trump, suggesting a possible end to the conflict with Iran in the coming weeks, have helped improve investor sentiment. As a result, higher-risk assets, including cryptocurrencies, have experienced a notable rebound.
“ This shift in the geopolitical tone has allowed Bitcoin to recover after a relatively subdued performance in March. Despite the volatility observed over the past month, the cryptocurrency has outperformed traditional assets such as gold since the onset of the Middle East conflict. This divergence reflects a change in investor preferences, as market participants once again view Bitcoin as an asset with growth potential in lower-risk-aversion environments.
“However, the global backdrop remains marked by significant uncertainty. One of the main risk factors is the situation in the Strait of Hormuz, whose potential reopening remains unclear. This region is crucial for global energy trade, and any prolonged disruption could continue to drive sharp movements in oil prices. These energy tensions are keeping volatility elevated across financial markets.
“The impact of this energy uncertainty directly feeds into inflation expectations. An environment of elevated oil prices tends to increase global inflationary pressures, which in turn influences central bank actions. In this scenario, monetary authorities may be forced to maintain more restrictive policies for longer than previously expected. This factor represents a headwind for assets such as Bitcoin.
“From a monetary perspective, the Federal Reserve continues to adopt a cautious stance, with no clear signals of imminent rate cuts. Persistent inflation and a resilient labor market reinforce this approach. At the same time, other central banks are also maintaining a cautious tone, suggesting that financial conditions will remain relatively tight in the near term.
“This high-rate environment reduces the attractiveness of speculative assets, including cryptocurrencies. Bitcoin, despite its narrative as an alternative store of value, still shows a strong correlation with risk assets. Therefore, any further tightening in financial conditions could limit its upside potential in the short to medium term.
“In addition to these macroeconomic factors, structural concerns within the crypto ecosystem are also emerging. Recent warnings from the tech sector have brought attention to advances in quantum computing. According to these reports, the development of this technology could, in the future, compromise the security of current cryptographic systems, including those used by Bitcoin. Although this is a long-term risk, its potential impact is significant.
“Nevertheless, the market remains resilient. Growing institutional adoption, the development of Bitcoin-linked financial products, and sustained interest from retail investors continue to act as supporting factors. Moreover, the long-term positioning of many market participants reinforces the asset’s relative stability, even in highly volatile environments.
“In conclusion, Bitcoin is undergoing a recovery phase driven by favorable geopolitical developments and increased risk appetite, but it still faces significant challenges. Energy uncertainty, inflationary pressures, restrictive monetary policy, and technological risks create a complex landscape. Despite its recent strength, the sustainability of its upward trend will depend on how these factors evolve in the coming months.
– Antonio Di Giacomo, senior market analyst at XS.com
ETH staking and treasury management
“It’s clear that crypto organizations are trying to optimize how they manage their treasury. I don’t think this tells us much unless the amount involved is large compared to the total supply of the token; this is not the case, 70,000 ETH is too small a share of the supply.
“However, if a significant share of the total supply is affected, it becomes important to look at it more closely, as it could impact the entire ecosystem and create broader risks.”
– Lienkha