Ethereum
Ethereum Holds Near $2,400 Following Legislative Defeat of US Clarity Act
A Senate rejection triggered derivative liquidations and fund outflows, though exchange reserves and staking metrics maintain reduced circulating supply.
Ethereum fell toward $2,388 before recovering near $2,400 after the CLARITY Act failed to pass the US Senate, resetting investor expectations for near-term legislative tailwinds. The second-largest digital asset registered a 3% decline over the week, outperforming steeper drops of more than 8% observed in tokens such as XRP and Hyperliquid.
The legislative setback catalyzed rapid market movements, sparking $275 million in broader crypto long liquidations within 20 minutes of the vote result. Spot Ethereum exchange-traded funds in the United States concurrently recorded their highest daily outflows since January. On-chain data from CryptoQuant indicated that selling sentiment preceded the vote, with approximately 709,400 ETH deposited to Binance on September 11, marking the largest daily deposit total since June.
Despite short-term price headwinds, structural supply metrics on the Ethereum network have remained tight. Total exchange balances stood at 14.6 million ETH, representing their lowest level since 2016 after years of steady declines. Furthermore, analyst Leon Waidmann reported that staked assets reached a record 43 million ETH, locking approximately 35% of the overall circulating supply in validator contracts.
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