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First US Bitcoin ETF a 'dud' in 2021 as GBTC discount stays near record lows
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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.
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.
"The first Bitcoin futures ETF in the US was a dud, at least this year," Zschaepitz commented.
Meanwhile, as Cointelegraph reported,
Read more on cointelegraph.comAbout this in other media
Bitcoin ETF That Debuted On New York Stock Exchange With Much Fanfare Is Now A Big Loser ndtv.com /2 years ago
Bitcoin performs classic bounce at $40.7K as BTC price comes full circle from January 2021 cointelegraph.com /2 years ago
El Salvador Inching Closer To Issue Bitcoin Bonds This Year ndtv.com /2 years ago
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