CBOE makes new changes to its proposal for a Bitcoin ETF as institutional interest in Bitcoin rises. HODLers continue to show faith in the king coin.
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.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.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.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.
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