crypto exchanges wipe out roughly $571 million in bullish futures positions within 24 hours after the US Senate fails to advance the Clarity Act. Bitcoin and Ether longs absorb the bulk of the damage.
Data from CoinGlass shows Bitcoin and Ether longs losing close to $190 million each as leveraged positions get force-closed across major exchanges. Traders who bet on a positive outcome pay the price.
The Senate cloture motion on H.R. 3633 fails 49-50, falling eleven votes short of the sixty needed to close debate. The result triggers an immediate wave of selling across digital asset markets.
XRP longs lose around $30 million in the selloff, while Solana longs account for roughly $22 million in liquidations. Long positions dominate the losses, with short liquidations totaling only about $100 million.
CoinGlass figures mark the highest level of long liquidations since Aug. 22, according to data reviewed by market trackers. The numbers can shift as the rolling 24-hour window continues to update.
Futures positions get force-closed when market swings create losses large enough to push posted collateral below an exchange’s required threshold. Traders can add funds to avoid liquidation, but many fail to react in time.
Bitcoin trades near $75,834 as Wednesday’s early session gets underway, down two percent over the past day. Its 24-hour range runs from roughly $75,038 to $77,703 on trading volume close to $39.3 billion.
Ether changes hands near $2,483, slipping around 1.5 percent over the same period. The token moves between approximately $2,479 and $2,608 during the preceding day as the broader market absorbs the News.
Bitcoin had climbed from around $77,000 on Monday toward nearly $80,000 ahead of the vote as traders positioned for a favorable outcome. The rally begins reversing once cloture prospects start looking shakier.
Coinbase and Circle shares fall as much as ten percent during Tuesday’s session as the vote outcome becomes clear. Republican Senators Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis vote against cloture.
The Clarity Act remains on the Senate calendar despite the failed procedural test, and lawmakers could revisit the bill later. Coinbase CEO Brian Armstrong says regulators can still advance crypto rules without new legislation.
