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The Senate vote on the CLARITY Act concluded with 49 votes in favor and 50 against. For the crypto sector, the immediate question is whether the legislative failure compromises the continuity of the bullish cycle which began in mid-2026. Matt Hougan, CIO of Bitwise, argues the rally does not depend on congressional approval.

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Bitcoin has broken above two important levels this week. Its 50-week moving average, currently sitting around $78,320, and its previous swing high from May.

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While Part 1 mapped where capital sat as of early 2026, this analysis picks up the thread in June - when the summer cycle began - and traces how that capital actually moved through June 1 to September 1.

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Bitcoin exchange-traded fund holders are now in profit for the first time since January.