- The CBOE had changed its ETF proposal as institutional interest in BTC continued to rise.
- BTC prices continued to stagnate even as the total number of holders increased.
The SEC’s refusal to approve Bitcoin [BTC] ETFs have not slowed institutional interest in the slightest. Recently, the Chicago Board Options Exchange (CBOE), one of the largest options exchanges in the US, made changes to its Spot ETF proposal.
Read Bitcoin [BTC] Price forecast 2023-2024
Doesn’t take no for an answer
On July 11, the CBOE submitted amendments for everyone five of its Bitcoin ETF applications. One notable change involved the language related to CBOE’s Security Sharing Agreement (SSA) with Coinbase. In particular, the previous statement “expects to join” has been revised to “agreement on terms”.
This indicated that in addition to BlackRock and Wisdom Tree, many institutions have also been battling for approval of their proposals. These institutions simultaneously make changes to their proposals to speed up approval and gain a first-mover advantage.
Another indicator of institutional interest in Bitcoin is the Bitcoin-related stock’s performance against BTC.
Bitcoin-related stock outperformance against BTC is an indication that major stock funds have high expectations for it $BTC ETF approval
These guys have seen dozens of ETFs approved during their careers
It seems that crypto natives are underestimating the likelihood of approval and the timeline pic.twitter.com/JpXfpn2De9
—Andrew Kang (@Rewkang) July 11, 2023
Source: Trade View
If these institutions receive approval from the SEC, it could trigger an increase in bullish sentiment towards BTC and could help the king coin break past the $30,000-$31,000 levels.
What are HODLers up to?
At the time of writing, BTC was trading at USD 30,704. The volume of BTC traded had declined in recent weeks, along with the velocity of BTC, meaning that BTC was not being traded as often as before.
In addition, the MVRV ratio remained high, suggesting that most addresses were profitable at the time of writing.
Source: Sentiment
Despite the high profitability, it turned out that most BTC holders were here to stay. According to Glassnode data, about 30% of Bitcoin’s supply has been held for five years or more at the time of writing.
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In concrete terms, 14.8% of the supply is held for more than 10 years, 5.6% for a period between seven and ten years and 8.7% for five to seven years.
Source: Glassnode
Only time will tell how these factors will affect Bitcoin in the future.