Santiment says BTC slide began before Senate Clarity Act vote

Bitcoin’s decline began before the U.S. Senate’s vote on the Clarity Act, making it difficult to explain the recent pullback solely by the bill’s defeat, according to on-chain analytics firm Santiment. In a post on X, Santiment said BTC had already fallen about 5% from its Sept. 3 peak before the vote, while the additional drop during the voting period was just 1.7%. That means the decline tied to the vote accounted for less than one-quarter of the total 7% pullback from the peak, Santiment said. Santiment added that its weighted social media sentiment indicator hit a 30-day high on Sept. 14, according to local time references in the source, a day before the vote, while social media mention volume on Sept. 15 reached its highest level in 14 days. It also said sentiment remained positive when the bill was voted down. Still, Santiment said it was difficult to identify what caused BTC to fall during the 12 days before the vote, adding that the U.S. Federal Reserve’s FOMC rate decision is scheduled for early Sept. 16.