This week’s stories spanned regulation, adoption, market conviction, and industry shakeouts. Seven Senate Democrats rejected the latest CLARITY Act draft, while Cathie Wood doubled down on SpaceX despite its sharp stock decline. River reported that more Americans now own bitcoin than gold, but the treasury-company model took another hit as Satsuma voted to liquidate and sell its remaining BTC. BitMEX also announced it will permanently shut down in September, closing a major chapter in crypto derivatives history.
Key Takeaways
7 Senate Democrats rejected CLARITY, raising regulatory uncertainty as negotiations continue.River says 49.6M Americans own BTC, signaling broader adoption as bitcoin surpasses gold.BitMEX closes Sept. 23, 2026, while Satsuma sells 668 BTC amid further industry consolidation.Editor’s comment:
As Blockworks’ Felix mentioned earlier this week, CLARITY passing would be bullish, but also the failure of it to pass would likely catalyze the final leg down for Bitcoin and crypto, thus allowing it to form its bear market bottom. So regardless of what happens, it’ll be positive for the industry.
Cathie Wood Says SpaceX Could Become ‘the Most Important Company in History’ Despite 48% Stock Slide
Editor’s comment:
Wood’s performance over the last few years is not exactly indicative of an all-star stock picker, but her words still carry weight. With SPCX now at a half-off discount from its IPO price, and the US government as its main client, Musk’s company is likely to be an important bellwether for markets in the future.
Bitcoin Ownership Overtakes Gold as 49.6 Million Americans Now Hold BTC
Editor’s comment:Slowly, then suddenly. In hindsight, it will look obvious that the asset, which is available to anyone through their phone, for any dollar amount they wish, which is also free to store and completely mobile, would gain popularity over heavy and shiny rocks.
Another Bitcoin Treasury Firm Is Shutting Down. What Satsuma’s Vote Means for Investors
Editor’s comment:
The sudden explosion in new DATs marked the top of the last bull market, and the implosion of those DATs a year later appears to be marking the bottom of the bear market. Nakamoto (NAKA) which is down 99.6%, and Twenty One Capital (XXI), which is down 92%, could be next on the chopping block.
BitMEX’s Final Countdown: What the Shutdown Means and When You Should Withdraw
Editor’s comment:
The end of an era. As the inventor of the perp and the launchpad for Arthur Hayes’ career in crypto, BitMEX is an important pillar to the industry and culture of digital assets. Last month, before announcing the exchange was shutting down, BitMEX’s CEO and several of its other execs resigned or stepped down.
