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First US Bitcoin ETF a ‘dud’ in 2021 as GBTC discount stays near record lows

Published 12/30/2021, 05:27 AM
Updated 12/30/2021, 07:00 AM
© Reuters.

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.

ProShares Bitcoin Strategy ETF (BITO) vs. BTC/USD normalized chart. Source: Holger Zschaepitz/Twitter
GBTC price vs. holdings vs. GBTC premium chart. Source: Coinglass

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