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ARMA would lock qualifying reserve Bitcoin in place from enactment and require annual audited reporting, while purchases remain a study.
The working paper says contract proliferation and cross-chain stablecoin use make raw activity totals noisy measures of economic reality.
Two ETF outflow sessions arrived while price stayed near the market mean, setting a specific recovery test.
The central bank kept its reserve-plumbing authority, but the current schedule shows no net reserve-management purchases.
BTC absorbed the rate increase better than equities, even as ETF flows, stablecoins, Realized Cap and treasury buying all softened.
Wall Street is still rewarding the pivot as scarce power access, data-center restrictions and surging AI demand push miners away from Bitcoin.
A huge cluster of IBIT options between $40 and $45 could amplify volatility if Bitcoin’s macro-driven move reverses into the band.
Celsius estate is targeting 6,360 BTC as the derivatives exchange moves toward its Sept. 23 shutdown.
Bitcoin’s next major test is whether a hawkish Fed can push BTC through the $70,000 support zone and materially damage the August recovery.
