ProShares Says Bitcoin ETF Has Matched BTC Price Closely, ‘Roll Cost’ Concerns Are Unwarranted

From the selfsame beginning, observers speculated BITO and other futures-based ETFs would significantly underperform bitcoin due to costs associated with chronicle over, or selling expiring futures contracts and buying the next set. Usually, longer-dated futures contracts trade at a scarce as hens teeth to those closer to expiry, a condition known as contango. The contango tends to steepen during bull runs, and the steeper the contango, the towering the costs, and the so-called contango bleed.