There has been a notable uptick in crypto crowd chatter following the Senate’s passage of US President Donald Trump’s sweeping “One Big Beautiful Bill,” with Vice President JD Vance breaking a 50-50 tie. Santiment reported a measurable increase in the social volume of the words “big,” “beautiful,” and “bill.”
This means that crypto traders are actively linking market outlooks to the bill’s potential policy shifts.
While the legislation itself offers no direct crypto provisions, the on-chain analytics platform noted that the traders appear to be positioning for possible ripple effects. These include broad tax cuts and consumer spending incentives that could fuel a “risk-on” sentiment favorable for Bitcoin and altcoins.
Bill’s Depreciation Incentives Attract Miners
The bill’s return of 100% bonus depreciation is another underreported aspect Santiment flagged as potentially bullish for Bitcoin mining. This is because it allows firms to immediately write off mining equipment purchases. Such a move is expected to incentivize rapid ASIC deployment and potentially increase Bitcoin’s hash rate.
Historically, higher hash rates align with bullish cycles, particularly during monetary expansion. As such, the report noted that if looser fiscal policy intersects with rising M2 supply, crypto assets may see upward momentum.
Despite market optimism, Santiment highlighted disappointment following the failure to include Senator Cynthia Lummis’ proposed amendment. The amendment aimed to address staking, mining, and microtransaction tax complications, an omission many in the industry had pushed for over the weekend.
Overall, the social sentiment is still skewed bullish. Traders are mostly anticipating potential indirect benefits to crypto investments as tax cuts on overtime and tips put more disposable income into circulation.
Certain others, however, remained cautious as the bill’s deep spending cuts to healthcare and green energy have triggered market anxieties, which even led to tensions between Trump and Tesla CEO Elon Musk. The latter had publicly criticized the bill and hinted at political realignment.
When tracking the social reactions to this conflict, Santiment found a slight dip in Bitcoin prices mirroring Tesla’s decline. This reflected the continued correlation between Tesla stock movements and crypto market reactions during significant political events.
Additionally, Dogecoin entered the narrative as traders referenced Musk’s previous humorous support through the so-called DOGE department. His current remarks warned that the bill could damage future-focused companies, further adding to volatility in sentiment.
“Sell the Rumor, Buy the News” Patterns Emerge
The social metric analysis suggests that while the Senate’s passage of the bill has not yet translated into significant price rallies for Bitcoin or major altcoins, the crowd mood has shifted toward cautious optimism, which is consistent with “sell the rumor, buy the news” behavior often seen in crypto markets.
The ongoing legislative process is expected to influence crypto market sentiment depending on how political negotiations evolve, particularly around the potential impact on fiscal spending, Treasury markets, and Federal Reserve liquidity actions.
While direct crypto wins were absent in the Senate version, the broader implications of consumer liquidity, policy volatility, and fiscal-monetary interactions will remain critical watchpoints for traders seeking to position around the “Big Beautiful Bill” narrative in the coming weeks.
