As institutional interest in BTC continues to rise, CBOE revised its ETF proposal.

Despite the surge in the total number of holders, the price of Bitcoin remains stagnant.

The SEC’s refusal to approve a Bitcoin ETF has not dampened institutional interest in the slightest. Recently, the Chicago Board Options Exchange (CBOE), one of the largest options exchanges in the United States, revised its spot ETF proposal.

Won't take "no" for an answer

On July 11, CBOE submitted amendments to all five Bitcoin ETF applications. One notable change involves the language of the Security Sharing Agreement (SSA) between CBOE and Coinbase. Specifically, the previous statement "expected to enter" was changed to "agreed on terms."

This suggests that in addition to BlackRock and WisdomTree, many institutions are also racing to get their proposals approved. These institutions are also revising their proposals to speed up approval and gain first-mover advantage.

Another indicator of institutional interest in Bitcoin is the performance of Bitcoin-related stocks relative to Bitcoin.

If these agencies receive approval from the SEC, it could lead to a surge in bullish sentiment towards BTC and could help Bitcoin break through the $30,000-31,000 level.

What are HODLers doing?

At press time, BTC is trading at $30,704. Bitcoin’s transaction volume has declined over the past few weeks as Bitcoin’s velocity has dropped, indicating that Bitcoin is not being traded as frequently as before.

Additionally, the MVRV ratio remains high, suggesting that most addresses are profitable at the time of writing.

Despite the high profitability, most Bitcoin holders appear to be sticking around. At press time, about 30% of Bitcoin’s supply is being held for five years or longer, according to data from Glassnode.

Specifically, 14.8% of the supply has been held for more than 10 years, 5.6% has been held for 7 to 10 years, and 8.7% has been held for 5 to 7 years.

Only time will tell how these factors will affect Bitcoin in the future.