The institutional investors are not very bullish on the ETF.

The likelihood of the ETF's passage became less and less likely, and the market saw a stalemate. Weakness in crypto mining stocks, and the sell-off in several crypto-related U.S. stocks, also reinforced the market's skepticism.
ATM option IV plummeted to 52% for the week and below 65% for the January 12 expiration, and overall has fallen back to last-year-end averages.
Current month puts are now cheaper, and block trades are starting to see active put buying, with options market data suggesting that institutional investors are not very bullish on the ETF market.