[News Brief] Jun 26, morning | U.S. Senate Pushes to Advance Crypto Market Structure 'Clarity Act' in July, but Priority Schedule May Cause Delays

U.S. Senate Pushes to Advance Crypto Market Structure 'Clarity Act' in July, but Priority Schedule May Cause Delays

The U.S. Senate is moving to advance the crypto market structure bill known as the 'Clarity Act' in July, but concerns are rising that the effort could be delayed as higher-priority items such as the National Defense Authorization Act and the farm bill take precedence.

According to The Block, Senator Cynthia Lummis plans to release the bill text on July 4 and then push for a vote. A Senate aide said the bill is expected to be one of the key bipartisan priorities for July.

However, disagreements remain over ethics and illicit finance provisions. Senator Angela Alsobrooks said she would not support a bill that omits those clauses, and while negotiations are reportedly close to agreement, final coordination has not yet been completed.

Industry participants believe that if passage is delayed within July, the opportunity to legislate before the August recess could narrow. If the bill fails to pass this year, discussions may have to restart in the new Congress beginning in January next year.

Large ETH Loan Positions Near Liquidation Levels, with up to 167,600 ETH Exposed

According to Odaily, on-chain analyst Yu Jin said that after the crypto market decline, several large ETH-backed loan positions have moved close to their liquidation thresholds.

The first liquidation level is at $1,472, affecting 72,700 ETH worth about $114 million. The second liquidation level is at $1,355, covering 167,600 ETH worth about $263 million held by a large investor who bought ETH earlier this month.

The third liquidation level is at $1,160, which includes Hyperliquid's largest long position of 120,000 ETH, worth about $188 million. If the market downturn continues, forced liquidations could add further volatility.

2,537 BTC Moved from Anonymous Wallet to Coinbase Institutional

According to Whale Alert, 2,537 BTC was transferred from an anonymous wallet to Coinbase Institutional.

The transaction was worth about $149.85 million. Large bitcoin transfers to exchanges are closely watched on-chain because they may signal potential selling pressure.

908 BTC Moved to Coinbase Institutional

According to Whale Alert, 908 BTC, worth about $53.53 million, was transferred from an anonymous wallet to Coinbase Institutional.

This transfer reflects another major holder moving funds on-chain, and inflows to exchanges or institutional platforms can be interpreted as a potential sign of selling. However, a single wallet transfer alone does not confirm an actual sale.

SharpLink Expands ETH Holdings for the First Time in Eight Months, Receives 5,000 ETH from FalconX

According to Odaily, on-chain analyst Yu Jin said SharpLink received 5,000 ETH from FalconX around six hours ago. The tokens were worth about $7.85 million, marking SharpLink's first increase in ETH holdings in eight months.

SharpLink currently holds 876,000 ETH valued at about $1.37 billion. Its average purchase price is $3,609, with an unrealized loss of about $1.789 billion, representing a 56% loss.

Previously, on June 23, BitMine, SharpLink, and Joseph Lubin jointly established Etherlabs, a nonprofit organization for Ethereum. The group is intended to take over some functions currently handled by the Ethereum Foundation.

Bitcoin Falls Below $60,000 Again, Garrett Jin's 5x Long Shows $21.12 Million Unrealized Loss

As bitcoin fell back below $60,000, losses on large leveraged positions widened further.

Odaily, citing monitoring by on-chain analyst Ai Yi, reported that Garrett Jin, known as an agent for the '1011 insider whale,' is sitting on an unrealized loss of $21.12 million on a 5x leveraged bitcoin long position.

The position size is 1,268.33 BTC, with an entry price of $76,117 and a mark price of $59,466. The decline from the entry price was calculated at 21.8%.

Hyperliquid Whale Deposits $8 Million and Opens 20x Leveraged BTC Long

According to Odaily, Onchain Lens reported that two newly created wallets, believed to belong to the same whale, deposited $8 million into Hyperliquid and opened a 20x leveraged bitcoin long position.

The position currently totals 400 BTC, valued at about $23.5 million. Hyperliquid is a decentralized platform known for active crypto derivatives trading.

Aave Founder Denies Report of Talks for Kraken Parent Payward to Buy Stake in Aave Protocol

Aave founder Stani Kulechov has denied a report claiming that Payward, the parent company of Kraken, was in talks to acquire a stake in the Aave protocol.

According to PANews, Kulechov wrote on X, 'We are not going to sell AAVE at a 70% discount,' saying the CoinDesk report was inaccurate.

CoinDesk had previously reported that Payward was negotiating to acquire a 15% stake in the Aave protocol at a valuation of $385 million, which would imply about 30% of AAVE token fully diluted valuation.

Kulechov said Aave protocol's annualized revenue is around $134 million and that all of it currently flows to the Aave DAO. He did not completely rule out the possibility of Aave Labs selling some of its AAVE tokens, adding that the team has discussed long-term partnerships with various market participants.

125.65 Million USDT Moved from Bitfinex to Tether Treasury

Whale Alert reported that 125,650,050 USDT, worth about $125.586 million, was transferred from Bitfinex to the Tether Treasury.

Large transfers to Tether Treasury can occur as part of issuance, redemption, or broader liquidity management operations. However, this transaction alone is not enough to determine market impact or price direction.

Coinbase Signals Listing of CAP

Coinbase has signaled an upcoming listing of CAP.

According to PANews, Coinbase said it plans to add support for CAP. The specific trading start date has not yet been disclosed.