- The CBOE had amended its ETF proposal as institutional interest in BTC remained on the rise.
- BTC prices remained stagnant, even as the overall number of holders surged.
The SEC’s refusal to approve Bitcoin [BTC] ETFs hasn’t slowed down institutional interest in the slightest. Recently, the Chicago Board Options Exchange (CBOE), one of the largest U.S. based options exchanges, made amendments to its Spot ETF proposal.
Read Bitcoin’s [BTC] Price Prediction 2023-2024
Won’t take no for an answer
On 11 July, the CBOE submitted amendments for all five of its Bitcoin ETF applications. One notable alteration involved the language pertaining to CBOE’s Security Sharing Agreement (SSA) with Coinbase. Specifically, the previous statement “expecting to enter” has been revised to “reached an agreement on terms.”
This indicated that many institutions apart from BlackRock and Wisdom Tree have also been competing to get their proposals approved. These institutions are concurrently making amendments to their proposals to fast-track approval and gain a first-mover advantage.
Another indicator of institutional interest in Bitcoin would be the Bitcoin-related equity’s performance against BTC.
Bitcoin related equity outperformance vs BTC is an indication of big equity funds placing high expectations on $BTC ETF approval
These guys have seen dozens of ETFs approved during their careers
Seems as if crypto natives are underpricing approval likelihood and timeline pic.twitter.com/JpXfpn2De9
— Andrew Kang (@Rewkang) July 11, 2023
Source: Trading View
If these institutions get approval from the SEC, it may cause a surge in bullish sentiment towards BTC and it could help the king coin break past the $30,000-$31,000 levels.
What are HODLers up to?
At press time, BTC was trading at $30,704. The volume of BTC being traded had fallen in the last few weeks along with BTC’s velocity, signifying that BTC wasn’t being traded as frequently as before.
Furthermore, the MVRV ratio remained high, suggesting that most addresses were profitable at the time of writing.
Source: Santiment
Despite the high profitability, it appeared that most BTC holders were here to stay. According to Glassnode’s data, at press time, approximately 30% of Bitcoin’s supply was being held for five years or longer.
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Specifically, 14.8% of the supply has been held for over 10 years, 5.6% for a duration between seven and 10 years, and 8.7% for five to seven years.
Source: Glassnode
Only time will tell how these factors will impact Bitcoin in the future.
