U.S. demand for bitcoin weakened after the U.S. Senate failed to secure the 60 votes needed to advance the Clarity Act.

On Sept. 16 (local time), blockchain outlet Cointelegraph reported that the Coinbase premium fell to as low as -0.079 on Sept. 15, the lowest level in a month.

The Coinbase premium measures the gap between BTC/USDT prices on Coinbase and Binance. A negative reading means demand from Coinbase users is relatively weaker than demand from Binance users. The indicator briefly turned positive earlier in the week, reaching 0.004, but widened its decline again on Sept. 15. The current level is the lowest since Aug. 16, when bitcoin traded at about $63,000.

The move came shortly after the U.S. Senate failed on Sept. 15 to put the Clarity Act back on the agenda for discussion. There are not many options to bring the bill back for debate before 2027. As a result, U.S. investor sentiment weakened and downward pressure on bitcoin prices persisted.

Supply-and-demand differences across exchanges also stood out. On-chain analyst Willy Woo pointed to cumulative volume delta data by exchange since Sept. 6 and said flows between Binance and Coinbase diverged around Sept. 11. Binance's cumulative volume delta began rising, while Coinbase kept falling. That means selling dominance was stronger on Coinbase.

Willy Woo said, "I see the US selling with the failed Clarity Act (on Coinbase). Meanwhile the more dominant global offshore continues accumulating (on Binance)." He viewed this flow as a bullish signal.

New investors were at the center of reactive selling. CryptoQuant data showed short-term holders, defined as wallets holding for less than six months, sent up to 34,000 BTC to exchanges over a 24-hour period. A significant portion moved to exchanges at prices lower than their last on-chain movement.

CryptoQuant said, "The amount sent to exchanges at a loss reached 23,200 BTC, the largest among short-term holder capitulation events recorded over the past month." Increased inflows to exchanges in loss territory show anxiety among short-term investors has grown.

Short-term holder profitability indicators had previously reached key turning points in 2026. Observations were also raised that the indicator could increase the likelihood of a long-term shift in bitcoin's price trend, but this time the failure of the bill vote acted as a factor pressuring short-term demand.

In this situation, the market's next focus is whether spot demand in the United States recovers and how long the exchange-by-exchange supply-and-demand gap persists. If the Coinbase premium remains negative and loss-making transfers by short-term holders continue, U.S.-driven selling pressure could add further burden to bitcoin prices.

I see the US selling with the failed Clarity Act (on Coinbase) Meanwhile the more dominant global offshore continues accumulating (on Binance). Bullish. pic.twitter.com/cYKUaXjLh5