15:9, the Senate Banking Committee passed the CLARITY Act!

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Legislative Watershed: Passed 15 to 9, Bitcoin Market is Being Repriced

The Bitcoin market saw several key turning points last week. The U.S. Senate Banking Committee passed the CLARITY Act with a 15-9 vote, garnering cross-party support from two Democratic senators, setting an important precedent for the upcoming full Senate vote; on-chain data shows that the pressure from short-term holders' losses has been neutralized for five consecutive days, and the MVRV ratio has formed its first golden cross since 2023; JPMorgan significantly increased its holdings in Bitcoin ETFs in Q1, while the Trump family also purchased crypto-related stocks. This article will analyze the underlying shifts in Bitcoin from three dimensions: legislative progress, on-chain structure, and capital flows.

1. Legislative breakthrough: CLARITY Act passes committee stage, bipartisan cooperation breaks deadlock

U.S. cryptocurrency regulation has achieved its most crucial advancement in recent years.

On May 14 local time, the Senate Banking Committee passed the CLARITY Act with 15 votes in favor and 9 against. All 13 Republican committee members voted in favor, while Democratic Senators Gallego (Arizona) and Alsobrooks (Maryland) crossed party lines in support. This contrasts sharply with the previous norm of 'Republican proposals, unanimous Democratic opposition,' making the defection of the two Democratic senators highly significant.

The bill will now move to the full Senate voting stage. Procedurally, it must first pass a 'cloture motion' requiring 60 out of 100 votes to prevent any single senator from indefinitely delaying proceedings. With all 51 Republican seats expected to support the bill, two Democratic senators have already defected, but at least seven more Democratic votes are needed to reach the 60-vote threshold. This remains the biggest variable in the legislative process.

Once the debate is terminated, the final vote requires only a simple majority (51 votes) to pass. The banking committee version of the bill will subsequently be merged with the agriculture committee version; the former covers SEC-related securities attributes, trading platform registration, and DeFi protections, while the latter, which passed in January, handles CFTC-related digital commodities spot, derivatives, and intermediaries. These two versions are complementary without major conflicts. The Trump administration aims to complete the legislation by July 4.

Market expectations for regulatory clarity are rapidly heating up.

2. On-chain structure: MVRV golden cross emerges, short-term loss pressure neutralized

Technical and on-chain data simultaneously point to a trend reversal.

Data source: CryptoQuant, May 12, 2026

CryptoQuant analyst CW8900 pointed out that Bitcoin's Market Value to Realized Value (MVRV) ratio is about to form a golden cross with its 200-day moving average. A golden cross occurs when the MVRV, a short-term momentum line, crosses above its long-term average (200-day MA) from below. This typically signals that the asset’s intrinsic value is being reassessed and indicates a shift in market momentum from weak to strong.

The last time a similar signal appeared was in 2023, after which the price surged from $16,300 to $31,000, representing a 90% increase; another crossover in September of the same year triggered a 400% bull market, pushing the price to an all-time high of $126,000.

The historical pattern is clear: whenever the MVRV rebounds from a low, prices tend to follow with gains. The current MVRV ratio has recovered from its lows and remains within a reasonable range, not yet entering an extremely overheated phase. This suggests the market is in the late stages of bull accumulation transitioning into the early recovery phase, indicating further upside potential.

Source: CoinTelegraph, May 14, 2026

Meanwhile, Bitcoin researcher Axel Adler Jr. noted that the selling pressure from short-term holders has remained at zero for five consecutive days—recent buyers are no longer experiencing unrealized losses. The share of Bitcoin supply held by short-term traders has dropped to 22.2%, the lowest in 90 days. This indicates that fewer recently purchased coins are being sold, potentially setting the stage for subsequent market shifts.

Source: Bloomberg, as of May 15, 2026

From a technical perspective, Bitcoin is currently in a rebound channel and has stabilized above the 50-day and 100-day moving averages, showing strong short-term momentum. However, the 200-day moving average (around $82,000) remains a key threshold—if it can hold steady, the market performance thereafter will be worth further attention. The next focus will be whether it successfully breaks through the $82,000 mark.

III. Capital Flows: JPMorgan and the Trump family simultaneously increase holdings

Actions by institutions and political figures often speak louder than words.

According to 13F filings submitted on Wednesday, JPMorgan significantly increased its holdings of multiple Bitcoin spot ETFs in the first quarter of this year. Specifically, its position in Blackrock’s iShares Bitcoin Trust (IBIT) rose from approximately 3 million shares to 8.3 million shares, an increase of 174%, with the new positions valued at approximately $162 million. The bank also expanded its holdings in Fidelity Wise Origin Bitcoin Fund (FBTC) and Bitwise Bitcoin ETF (BITB), with BITB holdings increasing nearly 900%. This is not a small-scale exploratory purchase but a vote of confidence backed by significant capital from a Wall Street giant.

Another piece of news is equally thought-provoking. Documents disclosed by the U.S. Office of Government Ethics show that Trump and his family purchased shares of Bitcoin mining company MARA Holdings, crypto trading platform Coinbase Global Inc., and digital asset treasury firm Strategy in the first quarter of this year. Among these, there were nine recorded purchases related to Coinbase, with the largest transaction taking place on February 10, amounting to between $100,000 and $250,000. A president who was once cautious about cryptocurrencies is now making a statement through his family’s personal asset allocation. The signaling significance of this shift cannot be ignored.

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$ChinaAMC Bitcoin ETF (03042.HK)$$ChinaAMC Bitcoin ETF-U (09042.HK)$$ChinaAMC Bitcoin ETF-R (83042.HK)$$ChinaAMC Ether ETF (03046.HK)$$ChinaAMC Ether ETF-U (09046.HK)$$ChinaAMC Ether ETF-R (83046.HK)$$ChinaAMC Bitcoin ETF (Unlisted Class) (HK0001012720.MF)$$SSE Composite Index (000001.SH)$$CSI 300 Index (000300.SH)$$NVIDIA (NVDA.US)$$Amazon (AMZN.US)$$Alphabet-C (GOOG.US)$$Meta Platforms (META.US)$$Tesla (TSLA.US)$$HSTECH (LIST91332.HK)$$Hang Seng Index (800000.HK)$$SSE 50 Index (000016.SH)$$CSI 300 Index (000300.SH)$$CSI 1000 Index (000852.SH)$$SSE Science and Technology Innovation Board 50 Index (000688.SH)$$ChinaAMC CSI 300 Index ETF (03188.HK)$$SSE Composite Index (000001.SH)$$XIAOMI-W (01810.HK)$$JD.com (JD.US)$$TENCENT (00700.HK)$$Shenzhen Component Index (399001.SZ)$$Kweichow Moutai (600519.SH)$$Contemporary Amperex Technology (300750.SZ)$$PING AN (02318.HK)$$Alibaba (BABA.US)$$ICBC (01398.HK)$$CHINA MOBILE (00941.HK)$

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Investing involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the China AMC Bitcoin ETF (the "Fund"), investors should refer to the fund's prospectus, paying particular attention to the risk factors. You should not rely solely on this material to make investment decisions. Please note:

• The Fund’s investment objective is to provide investment results that closely track the performance of Bitcoin (as measured by the CME CF Bitcoin Index (APAC Close Price) ("Index")) before fees and expenses.

• The Fund is passively managed. A decline in the index may lead to a corresponding decline in the value of the Fund. The Fund is subject to new product risk, new index risk, tracking error risk, and the risk of trading at a discount or premium.

• Since the Fund invests directly only in Bitcoin, it is exposed to concentration risk and risks associated with Bitcoin, such as risks related to Bitcoin and the Bitcoin industry, speculative risk, unforeseen risks, extreme price volatility risk, ownership concentration risk, regulatory risk, fraud, market manipulation and security breach risk, cybersecurity risk, potential manipulation of the Bitcoin network risk, fork risk, illegal usage risk, and transaction timing difference risk.

• The Fund is exposed to risks associated with Virtual Asset Trading Platforms ("VATP"), custody risk, and the risk of differences between the enforceable price of Bitcoin on the SFC-licensed virtual asset trading platform and the index price for cash subscriptions and redemptions.

• Listed and unlisted classes follow different pricing and trading arrangements. Due to differing fees and costs, the net asset value per unit of each class may vary. The trading cutoff times for listed and unlisted classes differ. The cutoff times for transactions in each class also vary.

• Listed class fund units are traded on the secondary market at the current market price, while non-listed class fund units are sold through intermediaries based on the net asset value at the end of the trading day. Investors in the non-listed class can redeem their units at net asset value, whereas investors in the listed class on the secondary market can only sell at the prevailing market price and may have to exit the fund at a significant discount. Investors in the non-listed class may have an advantage or disadvantage compared to those in the listed class.

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Please note that the above list of risks is not exhaustive; for details, please refer to the fund's prospectus.

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Investing involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the China AMC Ether ETF (the "Fund"), investors should refer to the fund's prospectus, paying particular attention to the risk factors. You should not rely solely on this material to make investment decisions. Please note:

• The Fund’s investment objective is to provide investment results that closely track the performance of Ether (as measured by the CME CF Ether Index (APAC Close) (the "Index")) before fees and expenses.

• Since the Fund invests directly in Ether, it is subject to concentration risk and risks associated with Ether, such as risks related to Ether and the Ether industry, speculative risks, unforeseen risks, extreme price volatility risk, ownership concentration risk, regulatory risk, fraud, market manipulation and security breach risk, cybersecurity risk, fork risk, illegal usage risk, risks associated with Ether staking, and transaction timing risk.

• The Fund is exposed to risks associated with Virtual Asset Trading Platforms ("VATP"), custody risks, and risks related to the difference between the executable price of Ether on the SFC-licensed virtual asset trading platform and the index price for cash subscription and redemption.

• This fund involves multiple counterparty risks.

Please note that the above list of risks is not exhaustive; for details, please refer to the fund's prospectus.

Important Information about China AMC Solana ETF

Investing involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the China AMC Solana ETF (the "Fund"), investors should refer to the fund prospectus, paying close attention to risk factors. You should not rely solely on this material to make investment decisions. Please note:

• The Fund’s investment objective is to provide investment results that closely track the performance of SOL (measured by the CME CF Solana-USD Index (APAC Close) (the "Index")) before fees and expenses.

• The Fund is passively managed. A decline in the Index may result in a corresponding decline in the value of the Fund. The Fund involves new product risk, new index risk, tracking error risk, and discount or premium trading risk.

• Since the Fund invests directly only in SOL, it is subject to concentration risk and risks associated with Solana and SOL, such as SOL and Solana industry risk, speculative risk, unforeseen risks, limited history risk, hybrid PoH and PoS mechanism risk, inflation risk, extreme price volatility risk, ownership concentration risk, regulatory risk, fraud, market manipulation and security breach risk, cybersecurity risk, network disruption risk, forking risk, illegal usage risk, and time lag risk.

• The Fund involves risks related to virtual asset trading platforms ("VATP"), custody risk, and risks associated with the difference between the enforceable price of SOL on SFC-licensed virtual asset trading platforms and the index price for cash subscriptions and redemptions.

• Listed and unlisted classes follow different pricing and trading arrangements. Due to varying fees and costs, the net asset value per unit of each class may differ. The trading cutoff times for listed and unlisted classes are different. The transaction deadlines for each class may vary.

• This fund involves multiple counterparty risks.

Please note that the above list of risks is not exhaustive; for details, please refer to the fund's prospectus.

Data source:

Legislative Progress:

• Foresight News, Senate Banking Committee passes the CLARITY Act with a 15-9 vote, May 15, 2026, https://a.foresightnews.pro/news/detail/104296

• The Block Beats, Analysis of CLARITY Act consolidation process and 60-vote threshold, May 15, 2026, https://www.theblockbeats.info/flash/346053

On-chain Structure and Technical Analysis:

• CoinTelegraph, MVRV Golden Cross and Analyst Views, May 12, 2026, https://cointelegraph.com/markets/bitcoin-golden-cross-appears-first-time-since-2023-will-btc-price-rally

• CoinTelegraph, Short-term Holders' Loss Pressure Drops to Zero and New Supply Share Lows, May 14, 2026, https://cointelegraph.com/markets/bitcoin-traders-expect-fast-move-90k-following-clarity-act-vote

Institutional and Political Figures’ Holdings:

• CoinTelegraph, JPMorgan significantly increases its Bitcoin ETF holdings in Q1, May 14, 2026, https://cointelegraph.com/news/jpmorgan-bitcoin-etf-buy-blackrock-ibit-q1-2026

• Mars Finance, Trump family buys crypto-related stocks in Q1, May 15, 2026, https://followin.io/zh-Hant/feed/25234117

【1】Data source: China AMC (HK), Bloomberg, as of May 15, 2026.

The market data, case studies, and industry observations mentioned in this article are for illustrative purposes only, sourced from public media reports and industry research, and do not constitute investment advice.

Investment involves risks, including the loss of principal. The price of fund units can go up as well as down, and past performance of the fund is not indicative of future returns. (This fund invests directly in virtual assets ("VA"), thus carrying concentration risk as well as inherent risks associated with each virtual asset and its ecosystem, along with risks from virtual asset trading platforms. You should read the fund’s prospectus and Key Product Information Statement for details. Investors should not make investment decisions based solely on this promotional material.)

This document is for your reference only and does not constitute an offer or solicitation for the purchase or sale of any securities or funds or any trading thereof, nor is it intended as investment advice. This material is issued by China AMC (HK) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

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