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Institutions Refuse to Give Up on Bitcoin ETFs: New Changes to CBOE Proposal

• The Chicago Board Options Exchange (CBOE) amended its Spot ETF proposal, indicating institutional interest in Bitcoin (BTC).
• The Security Sharing Agreement (SSA) between CBOE and Coinbase has been revised, suggesting that other institutions are competing for approval from the SEC.
• Bitcoin related equities have outperformed BTC, hinting at high expectations for the approval of a BTC ETF.

Institutional Interest in Bitcoin Rises

The Chicago Board Options Exchange (CBOE) recently made amendments to its Spot ETF proposal as institutional interest in Bitcoin (BTC) continues to grow. The proposed changes suggest that many institutions are vying for approval from the Securities and Exchange Commission (SEC). Furthermore, performance of bitcoin-related equity against BTC indicates that big equity funds are placing high expectations on a potential BTC ETF approval.

Revised Security Sharing Agreement

One notable alteration involved the language pertaining to CBOE’s Security Sharing Agreement (SSA) with Coinbase. Previously stating “expecting to enter”, this has now been revised to “reached an agreement on terms” which suggests that multiple institutions have joined forces with BlackRock and Wisdom Tree in pursuit of a successful application.

Bitcoin Related Equity Outperformance

Another indicator of institutional interest is the performance of bitcoin-related equity against BTC itself. According to Andrew Kang – Crypto natives are underpricing approval likelihood and timeline – which suggests that people may be underestimating how likely it is for an ETF to be approved soon.

Stagnant Prices Amidst Rising HODLers

At press time, BT Cwas trading at $30704 with falling volume and velocity signifying that it wasn’t being traded as frequently as before. However, most addresses were still profitable according to MVRV ratio analysis which points towards most holders being here for the long haul; continuing to HODL despite no immediate signs of bullish sentiment returning anytime soon .

Potential Effects of a Successful Application

If these institutions gain approval from the SEC then it could lead to a surge in positive sentiment towards BTC and take prices past $30k-$31k levels where they had been stuck since May 2021 .