Clarity Act Stalls, Coldcard Exploited, ETF Flows Diverge: Bitcoin's Defining Week

Bitcoin is trading at $64,823, sitting 48.6% below its October 2025 all-time high of $126,080, and has spent 233 consecutive days below its 200-day moving average. That number alone summarizes the market structure: not a crash, not a recovery, but a prolonged grind where every attempted rally runs out of buyers well before a trend reversal can take hold. Key Takeaways Bitcoin is trading at $64,823, down 48.6% from its October 2025 all-time high of $126,080, with the cycle low of $60,862 set on June 7 holding for two months. The Clarity Act's Senate passage probability has collapsed from 82% in February 2026 to roughly 30% as of August, removing the primary legislative catalyst for institutio…