Bitcoin (BTC) institutional demand is conspicuously wanting at the stop of the year as data flags the "underperformance" of the Us' 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 nigh xxx% beneath its launch price.

Anticlimax rounds out 2022 for ProShares ETF

In a sign of the times regarding Bitcoin sentiment, the hype that accompanied BITO'southward launch in Q3 has died down considerably.

Going from record-breaking volume on its beginning day to its current state, the ETF has even underperformed the embattled Bitcoin spot price in 2022.

"The showtime Bitcoin futures ETF in the U.s. was a dud, at least this year," Zschaepitz commented.

ProShares Bitcoin Strategy ETF (BITO) vs. BTC/USD normalized chart. Source: Holger Zschaepitz/Twitter

Meanwhile, as Cointelegraph reported, the Grayscale Bitcoin Trust (GBTC) continues to trade at its biggest-ever disbelieve to Bitcoin spot toll, 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 still to debut.

GBTC price vs. holdings vs. GBTC premium chart. Source: Coinglass

Eerie all-time highs persist in stocks

While detractors draw the GBTC disbelieve as "very concerning," activeness from investors themselves does not unanimously point to apathy when it comes to Bitcoin.

Related: 5 ways derivatives could change the cryptocurrency sector in 2022

Morgan Stanley upped its GBTC allocation this month and last in a sign that longer-term sentiment remains strong.

Macro markets, meanwhile, display curious characteristics. The Southward&P 500 is at tape highs, challenging a trendline that has marked topside resistance since its inauguration near 100 years agone.

Beneath the surface, however, all is non as information technology seems, warnings revealed this week.