Bitcoin (BTC) 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 (ETF).As noted by markets commentator Holger Zschaepitz on Dec. 29, the ProShares Bitcoin Strategy ETF (BITO) is now trading at nearly 30% below its launch price.Anticlimax rounds out 2021 for ProShares ETFIn 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.“The first Bitcoin futures ETF in the US was a dud, at least this year,” Zschaepitz commented.ProShares Bitcoin Strategy ETF (BITO) vs. BTC/USD normalized chart. Source: Holger Zschaepitz/TwitterMeanwhile, as Cointelegraph reported, the Grayscale Bitcoin Trust (GBTC) 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 are yet to debut.GBTC price vs. holdings vs. GBTC premium chart. Source: CoinglassEerie all-time highs persist in stocksWhile detractors describe the GBTC discount as “very concerning,” activity from investors themselves does not unanimously point to apathy when it comes to Bitcoin.Related: 5 ways derivatives could change the cryptocurrency sector in 2022Morgan Stanley upped its GBTC allocation this month and last in a sign that longer-term sentiment remains strong. As 2021 draws to a close, the $SPX is nearing a 92-year log-scale resistance line, which has the potential to be a formidable barrier given that it is based off of the index’s 1929 and 2000 peaks. ~ Reuters pic.twitter.com/khK1e09vCA— PiQ (@PriapusIQ) December 28, 2021Macro markets, meanwhile, display curious characteristics. The S&P 500 is at record highs, challenging a trendline that has marked topside resistance since its inauguration almost 100 years ago.Below the surface, however, all is not as it seems, warnings revealed this week.Čítaj viac
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