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Bitcoin (BTC)<\/a> price 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 investor sentiment. It\u2019s possible that a certain degree of BTC\u2019s price stability can be attributed to increasing institutional activity and positive institutional investor interest in Bitcoin.\u00a0<\/p>\n On Oct. 17, Fidelity Investments, a large asset management institution, amended their proposed spot Bitcoin ETF with the Securities and Exchange Commission (SEC<\/a>). The ETF called the Wise Origin Bitcoin Trust, updated and outlined how Fidelity plans to protect customers\u2019 Bitcoin in custody accounts and revealed risks associated with the unstable regulatory landscape of cryptocurrencies.<\/p>\n Fidelity is following in the footsteps of other large institutions like ARK Invest and Invesco, which also amended their spot Bitcoin ETF filings. ARK<\/a> Invest refiled on Oct. 11, with Invesco<\/a> refiling on Oct. 13. <\/p>\n 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,<\/p>\n \u201cWe responded to the SEC request for information surrounding our Bitcoin filing. The SEC chose to engage, which is a change in behavior.\u201d<\/p><\/blockquote>\n Wood\u2019s comment combined with Fidelity’s filing is providing renewed optimistic sentiment<\/a> on Bitcoin. Grayscale\u2019s Bitcoin investment vehicle, Grayscale Bitcoin Trust<\/a> (GBTC) which is similar to an ETF, has reached its lowest net asset value (NAV) premium discount since Dec. 9, 2021. <\/p>\n Related: <\/em><\/strong>Beyond crypto: Zero-knowledge proofs show potential from voting to finance<\/em><\/strong><\/a><\/p>\n Grayscale was dealt a victory<\/a> 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. <\/p>\n Despite all of the momentum, the SEC continues to delay Bitcoin ETF<\/a> approval. <\/p>\n 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<\/a> approval news sparked a rally,<\/p>\n \u201cI 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 \u2014 whether that is in Treasurys, gold, or crypto, depending on how you think about it.\u201d<\/p><\/blockquote>\n