Bitcoin advanced to a session high of $72,960.3 on Thursday, its highest level since May 31, before moderating to $72,772.3 by 17:33 ET, up 4.4% on the day. The move followed remarks by former U.S. President Donald Trump, who called on Congress to pass a revised version of the Clarity Act during a White House meeting with crypto industry leaders.
Short positions worth more than $1 billion were liquidated within roughly an hour, while the broader crypto market saw a record $2.7 billion in bearish positions unwound. Ether rose 1.5% to $2,320.71 after briefly reaching a 15-month peak earlier in the session. Among major altcoins, XRP led gains with a 12.3% advance, followed by Cardano at 4.1%, Dogecoin at 5.6%, and BNB at 2.9%. Bitcoin-linked stocks also rallied, with Coinbase Global, Strategy, Circle Internet Group, American Bitcoin, MARA, and Riot Platforms all posting gains between 6.4% and 15.5%.
U.S. spot Bitcoin ETFs recorded net inflows of $517.19 million on Wednesday, the strongest single-day intake since early May. BlackRock’s IBIT led with $284.7 million in inflows, while Ark & 21Shares’ ARKB added $77.7 million and Fidelity’s FBTC took in $62.4 million. Eight of the 12 tracked funds posted positive flows.
Trump’s push for the Clarity Act comes amid legislative gridlock over provisions related to stablecoin yield payments, which banking groups argue could destabilize traditional savings accounts. The bill aims to establish a regulatory framework for digital assets in the U.S. Filings in July showed Trump received over $1.4 billion from his family’s crypto ventures. The CFTC was scheduled to meet with crypto executives later on Thursday to discuss further regulatory steps.
The Clarity Act’s progress has been stalled by disagreements over stablecoin mechanics and broader crypto oversight, though Trump’s public endorsement has renewed market focus on potential policy shifts. Industry executives, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev, attended Wednesday’s White House meeting alongside CFTC Chair Mike Selig and SEC Chair Paul Atkins.
