The underperformance illustrates the shortcomings of futures contract-based, exchange-traded funds and how the SECGov’s stance to deny spot $BTC ETF offerings harms investors, VetleLunde said. sndr_krisztian reports
BTC’s performance only by 1.8%, as the crypto bear market helped to mitigate the contango bleed.
This year’s market rebound, however, exacerbated the fund’s vulnerability to rolling costs as the CME futures market returned to trade in contango. The performance gap during the year’s first five months has already reached the level that analysts predicted for a whole year. Investors should expect this trend to ensue, K33 senior analyst Vetle Lunde said in a note. “The strong term structure remains an issue for the viability of using BITO as a tool to maintain long exposure,” he wrote in the report.
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