#加密监管政策 The CLARITY Act's submission to the Senate in January is a noteworthy event. From on-chain signals, policy expectations often trigger capital flow fluctuations before formal voting—it's important to closely monitor the movements of institutional wallets, especially large addresses that are highly sensitive to policy changes.

The core of the bill is to clarify the responsibilities between the SEC and CFTC, which directly impacts the classification and characterization of crypto assets. Once passed, the landscape of derivatives markets outside of spot ETFs could be reshaped. In terms of capital flows, whether major institutions are building positions or reducing holdings recently can reflect the market's true expectations for the final outcome—this is more valuable than public opinion assessments.

Next month's Senate debate and amendment process will be critical; each key revision could trigger arbitrage mechanisms on-chain. It is recommended to closely monitor large inflows and outflows on major exchanges, as well as the timing of whale wallet movements, as these often preempt market expectations before policy implementation.