The first U.S. Bitcoin futures ETF underperforms BTC at the end of 2021.
) institutional demand is conspicuously wanting at the end of the year as data flags the"underperformance" of the United States' first Bitcoin futures exchange-traded fund .by markets commentator Holger Zschaepitz on Dec. 29, the ProShares Bitcoin Strategy ETF is now trading at nearly 30% below its launch price.In a sign of the times regarding Bitcoin sentiment, the hype that accompanied BITO's launch in Q3 has died down considerably.
Going from record-breaking volume on its first day to its current state, the ETF has even underperformed the embattled Bitcoin spot price in 2021.ProShares Bitcoin Strategy ETF vs. BTC/USD normalized chart. Source: Holger Zschaepitz/ Twitter, the Grayscale Bitcoin Trust continues to trade at its biggest-ever discount to Bitcoin spot price, or net asset value .
GBTC's conversion to an ETF, slated for next year, meanwhile depends on the tone of U.S. regulators regarding spot-based products, these yet to debut.Eerie all-time highs persist in stocksthe GBTC discount as"very concerning," activity from investors themselves does not unanimously point to apathy when it comes to Bitcoin.
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