Insight: US Senate Cryptocurrency Market Structure Bill Delayed, Regulatory Uncertainty Heats Up, Related Assets Under Pressure
January 17: Galaxy Digital Head of Research Alex Thorn stated that the scheduled Senate Banking Committee hearing on crypto market structure legislation has been postponed, citing deep-seated divisions between Congress and the industry on key issues—most notably stablecoin yield mechanisms and DeFi-related provisions.
The delay came hours after Coinbase CEO Brian Armstrong withdrew his support for the bill, publicly pushing back against its language on tokenized securities, DeFi restrictions, and stablecoin yields. Senate Banking Committee Chairman Tim Scott announced the postponement but has not shared a new schedule. Given the Senate’s recess next week, the earliest the hearing could resume is between January 26 and 30.
Thorn noted that over just 48 hours: the draft bill dropped late at night, more than 100 amendments were filed, stakeholders uncovered new points of contention right up to the last minute, and political coordination grew far more challenging.
On the market fr
22 minutes ago
Eugene: Most shitcoin longs have exited, core Bitcoin longs still holding
On January 17, trader Eugene Ng Ah Sio shared an update in his personal channel, saying:
“I’ve closed out most of my altcoin long positions — they didn’t hit the extra returns I was targeting, so I’m locking in what’s available now. My core Bitcoin long position is still open, but I’m mostly in cash again, waiting for the next chance to deploy capital.”
22 minutes ago
Bitcoin Withdrawal Momentum Continues, with a 24-hour CEX Net Outflow of 347.51 BTC
On January 17, Coinglass data shows total net BTC outflow from centralized exchanges (CEXs) hit 347.51 BTC over the past 24 hours.
Top three CEXs by BTC outflow:
- Kraken: 1,623.52 BTC outflow
- Bitfinex: 182.60 BTC outflow
- KuCoin: 38.78 BTC outflow
Additionally, Binance led inflows with 573.18 BTC.
22 minutes ago
If Bitcoin drops below $94,000, the mainstream CEX long liquidation volume will reach 442 million.
On January 17th, data from Coinglass shows that if Bitcoin falls below $94,000, total long liquidation strength across major centralized exchanges (CEXs) will hit $442 million.
Conversely, if Bitcoin climbs above $96,000, total short liquidation strength for those same CEXs will reach $250 million.
BlockBeats Note: Liquidation charts do not display the exact number of contracts at risk of liquidation or the precise value of those contracts. Instead, the bars on these charts represent how significant each liquidation cluster is relative to adjacent clusters—i.e., its "strength."
As such, the chart indicates the degree to which Bitcoin’s price will react when it hits a specific level. A taller "liquidation bar" means the price will see a stronger response once that level is reached, driven by a liquidity cascade.
22 minutes ago
Analyst: The current Bitcoin market sell-off is driven by profit-taking from absolute HODLers, and any further price increase will face sell pressure from loss-taking holders
**Jan 17 Update: Bitcoin Profit-Taking Dominates, Minimal Loss Selling**
Crypto Quant analyst Axel noted in a post Wednesday (Jan 17) that per data on the *Bitcoin Short-Term Holder 24hr Profit/Loss Transfer to CEXs Total Amount*:
- Roughly 35,400 **profitable BTC** moved into centralized exchanges (CEXs) in the past 24hrs—**the highest figure in nearly two months**.
- Outflow of unprofitable positions was extremely low: just ~4,600 BTC.
- The profit-to-loss outflow ratio hit ~7.5:1.
Profit-taking is clearly the dominant behavior, with **minimal panic selling**, Axel explained.
Here’s the breakdown:
Investors who bought BTC between $85k–$92k are locking in profits now that prices are near their entry levels. This flow pattern shows profit-taking is driving selling pressure—**not** the same as panic selling from unprofitable positions.
A key caveat: If the profit-to-loss ratio flips (i.e., loss-driven selling takes over), downside pressure will ramp up—but that’s not
22 minutes ago
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