Opinion: Bitcoin investors choose to hold and wait for price increases ahead of the Clarity bill vote.

According to XWIN Research Japan, the U.S. Senate Banking Committee will consider a crypto bill called the "CLARITY Act" on January 15th. This consideration should not be seen as a short-term price catalyst, but rather as a potential turning point for Bitcoin's status within the U.S. regulatory system. While prices have remained relatively stable, on-chain data has revealed a shift in market behavior. Net inflows into CEXs are a key signal. During periods of regulatory uncertainty, Bitcoin typically flows into CEXs as investors prepare to sell. However, such inflows have been limited prior to the CLARITY Act discussion. This suggests that market participants do not view the legislative process as an event requiring immediate risk aversion. SOPR (Spending-to-Profit Margin) also confirms this. In short, these indicators suggest the market is not in a defensive posture, but rather patient. Investors do not appear to be frequently rotating their positions, but rather choosing to hold Bitcoin while awaiting regulatory clarity. Their holding periods are lengthening. The significance of the CLARITY Act extends far beyond policy debate; it could be a potential milestone in Bitcoin's integration into the U.S. financial system as a regulated digital commodity. On-chain data already reflects this shift: Bitcoin's "stickiness" is increasing before any major price fluctuations, indicating that its trading style is shifting from speculative to institutional holding.