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Bitcoin’s 23% Week Is Institutional Money, Not Retail, Says Pantera’s Cosmo Jiang
Bitcoin has seen a significant weekly gain of over 23%, pushing its price to $77,412. Pantera Capital portfolio manager Cosmo Jiang attributes this surge not to retail investors, but to institutional "smart money" entering the market. Key catalysts include President Donald Trump's support for the Clarity Act and the U.S. Treasury's bond buyback plans, which have driven non-yielding assets higher.
Senate Negotiators Fold Ethics Rules Into Merged CLARITY Act Draft
Negotiators have merged drafts of the CLARITY Act, incorporating an ethics provision for federal officials, though enforcement mechanisms remain a point of contention. This legislation is crucial for defining the regulatory treatment of tokens and NFTs in play-to-earn crypto gaming models. The bill's passage hinges on resolving disputes over enforcement, with a motion to proceed expected soon.
Evening Legal Briefs
The CFTC has filed lawsuits against three states, alleging they are attempting to improperly regulate prediction markets. This action highlights ongoing legal battles over the oversight of such financial instruments.