US Crypto Market Eyes CPI Data as Senate Sets Up CLARITY Act Vote
Bitcoin and Ether Trade Sideways Ahead of Tuesday's CPI Report
US crypto markets are in a holding pattern on Monday, with Bitcoin bouncing between roughly $64,700 and $65,300 and Ether defending support around $1,900–$1,925. The stall follows Friday's weaker-than-expected July jobs report, which pulled down expectations of a Federal Reserve rate hike and gave both assets a lift into the new week. Traders are now positioning ahead of Tuesday's Consumer Price Index release, with economists forecasting annual inflation easing slightly, from 3.5% in June to around 3.4% in July. A second inflation report later in the week adds to the calculus around whether the Fed leans toward holding rates steady or trimming them at its September meeting; current rate-prediction markets show only about a third of traders expect a hike.
Underlying demand has stayed firm even as prices consolidate. Spot Bitcoin ETFs pulled in roughly $844 million over the trailing week, and Ether ETFs logged close to $244 million in inflows — their strongest week since April. Liquidations across the market have also eased, down more than a third from the prior session, a sign that traders are largely waiting on the CPI print rather than making aggressive directional bets.
Senate Revives CLARITY Act With September Procedural Vote
On the policy side, Senate Majority Leader John Thune has filed cloture on the CLARITY Act, setting up a key procedural vote once Congress returns from recess in September. The bill is one of the most closely watched pieces of pending US crypto legislation, aiming to create a federal market-structure framework that divides regulatory oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Clearing the procedural vote requires 60 votes, meaning Republican leadership will need Democratic backing to move the bill forward — and even a successful cloture vote wouldn't guarantee final passage. Talks broke down before the August recess over ethics-related provisions, including a proposed bipartisan measure addressing Democratic concerns about President Trump's crypto business ties, as well as unresolved rules on stablecoin reward programs.
The Bigger Picture
Taken together, the two developments frame a market caught between short-term macro catalysts and a longer regulatory arc. Steady ETF demand and a cooling rate-hike outlook are giving crypto prices a floor heading into this week's inflation data, while renewed Senate movement on the CLARITY Act suggests Washington could be inching closer to the comprehensive digital-asset framework the industry has sought for years — even if a final vote remains months away at best.
