JPMorgan: Strategy's 32 BTC Sale and Clarity Act Delay to Shape Bitcoin in H2 2026

According to JPMorgan's internal research note, Strategy's recent sale of 32 Bitcoin and delays in Clarity Act approval will be key factors determining Bitcoin's price trend in the second half of 2026. Strategy, which holds over 800,000 BTC, sold the coins for approximately $2.5 million—its first liquidation since the prior bear market. JPMorgan noted the company faces $1.7 billion in annual preferred stock dividends, with dollar reserves covering only six months of payments, raising concerns about potential larger BTC sales if market conditions worsen.

Meanwhile, the Clarity Act, which passed the House in 2025, is unlikely to gain Senate approval by mid-2026 as previously expected. Polymarket bettors now estimate only a 50% probability of passage by year-end, with the legislative window narrowing ahead of November midterm elections. JPMorgan previously viewed the act as a positive catalyst for institutional adoption; its failure to pass could reduce regulatory clarity and institutional inflows, adding headwinds to Bitcoin's recovery.