• 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

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Author: Himalay Patel

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