Stablecoin Exodus, a Coin-Flip CLARITY Act, but 3 altcoins are rallying

Before the Consensus Catches Up

Bitcoin ETF outflows have topped $10 billion since the October peak, and stablecoins are now bleeding too, partly a MiCA casualty, partly a broader de-risking signal. Meanwhile, Strategy’s mNAV has slipped back to parity, and a growing list of Bitcoin treasury companies are becoming net sellers rather than buyers. Add a CLARITY Act that’s round-tripped from 46% to 75% and back to 46% on prediction markets, and a CPI data print this week that could swing sentiment either way, and you have a market that’s holding up better than the headlines suggest.

We break down why Bitcoin’s resilience above its 30-day moving average matters more than the noise, which treasury companies are turning into value plays, and why we’re constructive on the short term but cautious into the seasonally rough August–September stretch.

Still, there are three altcoin trades that look more promising than Bitcoin in the short term.

Stablecoin market cap (LHS, $bn, USDT + USDC) with 30 week flows (RHS)