4. Futures ETFs Log Minimal Roll Costs
Though we were worried about Bitcoin futures ETFs' roll costs, they've been muted, with the ETF trailing spot by 2.16% since their October 2021 launch, which includes fees. There are two key reasons, we believe. First, Bitcoin entered a bear market within a month of BITO's introduction and the futures curve hasn't had significant contango. Second, the CME Bitcoin futures market matured significantly as institutions entered and made it more efficient. Institutions likely arbitraged away much of the profitable carry trade by hedging futures positions with spot positions.
Though we expect the futures market to act relatively efficiently, a sharp bull market alongside steep contango could spur significant underperformance for these products when compared with spot Bitcoin exposure. (08/23/22)





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8. Volume Dominance Has Evaporated in 2022
GBTC dominated Bitcoin fund trading globally in 2021, with more than $370 million in average daily notional trading, despite its over-the-counter status. But overall volume is down in 2022 and so is GBTC's ranking. ProShares' BITO has taken the top spot at $170 million a day, followed by GBTC's $138 million. BTCetc's BTCE in Germany is the most traded international fund at $20 million and Purpose's BTCC leads in Canada. Spot Bitcoin ETPs are available in Brazil, Canada, Switzerland,Sweden, Germany, France and Australia.

GBTC and BITO's combined volume indicates to us that a US-listed spot Bitcoin ETF would likely dominate global cryptocurrency-fund trading. The SEC has repeatedly rejected ETF proposals, citing concerns about market oversight, but we believe 2023 may be the year for a US spot Bitcoin ETF launch. (07/11/22)



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12. Competing With Growing Stable of Bitcoin Funds The SEC's repeated rejection of spot Bitcoin ETF proposals helped GBTC peak at $44 billion in assets despite trading over the counter and charging 2% annually. GBTC launched in September 2013 as a private trust and has benefited from that first-mover advantage, but US Bitcoin futures ETFs that
launched in 2021 are chipping away at its lead. GBTC still dominates in assets globally, partly because it can't offer redemptions. Its fee is substantially higher than the average ETP's, especially when compared with new launches, such as one in France that charges no fee and makes money by lending Bitcoin.
GBTC's inefficient structure underpins its poor performance vs. peers. (07/22/22)

this is on topic. Any rational person understands that a POS coin is not really anything more than an un regulated un backed bond while any large asic back POW coin is back by power network infrastructure and asics.

Nice find I only wish people would understand POW is energy creating wealth

and POS is piece of shit.

in short
spot ETF
company prebuys a large amoutn of coin and locks it into a trust fund
people then buy shares of the trust fund that related to the collateral value(bitcoins) held within


futures
gamblers hand over money saying they contract that the price will go down
gamblers hand over money saying they contract that the price will go up

fiat goes into a fund

the market rate is the index, which is the average of these 2 gambles
loser loses by the X% difference of the index compared to their position. the winner get x % compared to the position

EG

if price is $17k
(A) bets it goes up,, puts in $500
(B) bets it goes down.. puts in $500
if it goes down by 2% of $17k.
(A) loses 2% of his $500 ($490)
(B) gets 2% of $10k($510)

in short
spot ETF is investing.. futures is gambling

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leveraging
say you want to gamble 10k but only have $500
you take a loan out with the market for the extra $9500

issues get bad if the market was to take a 5% or more turn against you
EG 6% bad bet result which is not a 6% on your $500($30loss)
its 6% on the $10k bet

where your $500 is gone and you owe the market another $100
plus you still owe interest and penalties on the $9500 loan.

the person that won a good 6% bet by doing a 20x leverage on their $500
gets $600 meaning $1.1k total now and just has to pay off the interest on the loan