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 Comments from institutional investors and amendments to the spot Bitcoin ETF applications could be behind the recent improvement in investor sentiment.
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 Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> continues to show strength this week by hitting an intra-day high at $28,516 even as macroeconomic headwinds in the United States continue to weigh on <a rel="noopener noreferrer nofollow" title="investor" href="https://thebittimes.com/tag/investor.html">investor</a> <a rel="noopener noreferrer nofollow" title="sentiment" href="https://thebittimes.com/tag/sentiment.html">sentiment</a>. It’s possible that a certain degree of BTC’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> stability can be attributed to increasing <a rel="noopener noreferrer nofollow" title="institution" href="https://thebittimes.com/tag/institution.html">institution</a>al activity and positive <a rel="noopener noreferrer nofollow" title="institution" href="https://thebittimes.com/tag/institution.html">institution</a>al <a rel="noopener noreferrer nofollow" title="investor" href="https://thebittimes.com/tag/investor.html">investor</a> interest in Bitcoin.&nbsp;
 On Oct. 17, Fidelity Investments, a large asset management institution, amended their proposed spot Bitcoin ETF with the Securities and Exchange Commission (SEC). The ETF called the Wise Origin Bitcoin Trust, updated and outlined how Fidelity plans to protect customers’ Bitcoin in custody accounts and revealed risks associated with the unstable regulatory landscape of cryptocurrencies.
 Fidelity is following in the footsteps of other large institutions like ARK Invest and Invesco, which also amended their spot Bitcoin ETF filings. ARK Invest refiled on Oct. 11, with Invesco refiling on Oct. 13.
 These actions suggest an ongoing dialogue between ETF applicants and the SEC, something ARK Invest CEO Cathie Wood seemed to verify this week on ETF Edge stating,
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 “We responded to the SEC request for information surrounding our Bitcoin filing. The SEC chose to engage, which is a change in behavior.”
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 Wood’s comment combined with Fidelity's filing is providing renewed optimistic sentiment on Bitcoin. Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC) which is similar to an ETF, has reached its lowest net asset value (NAV) premium discount since Dec. 9, 2021.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/19/692a7966905484d8ef111bb97e1d774e.webp">
 <figcaption style="text-align: center;">GBTC premium. Source: Coinglass
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 Related: Beyond crypto: Zero-knowledge proofs show potential from voting to finance
 Grayscale was dealt a victory against the SEC on Oct. 14, when reportedly the commission will not appeal an Aug. 29 ruling by the U.S. Court of Appeals which means their ETF will now have to be reviewed.
 Despite all of the momentum, the SEC continues to delay Bitcoin ETF approval.
 Certain analysts anticipate that when approval is granted, it could potentially add at least $600 billion in new demand for Bitcoin. During an Oct. 16 interview on Fox Business, BlackRock CEO Larry Fink spoke about Bitcoin after false spot BTC approval news sparked a rally,
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 “I think the rally is about a flight to quality, with all the issues around the Israeli war now, [and] global terrorism. And I think there are more people running to a flight to quality — whether that is in Treasurys, gold, or crypto, depending on how you think about it.”
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 Related: How high can Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> go by 2024?
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-holds-28k-range-as-institutional-investor-maneuvering-boosts-sentiment-tbt66892.html">https://thebittimes.com/bitcoin-price-holds-28k-range-as-institutional-investor-maneuvering-boosts-sentiment-tbt66892.html</a>

Bitcoin price holds $28K range as institutional investor maneuvering boosts sentiment

TheBitTimes

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