Austin Smith
Wed, March 18, 2026 astatine 7:30 AM CDT 5 min read
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iShares Bitcoin Trust (IBIT) gained 5.43% and Bitwise Bitcoin ETF (BITB) gained 5.4% implicit the past period by holding existent Bitcoin directly, portion ProShares Bitcoin ETF (BITO) captured a 5.08% summation utilizing futures contracts with a higher 0.95% disbursal ratio that introduces structural rotation resistance costs. IBIT holds $50B successful assets with a 0.25% fee, BITB holds $2.6B with a 0.20% fee, and BITO generated a 0.95% dividend output but has underperformed Bitcoin by 12.67% since motorboat successful October 2021 owed to futures rotation costs.
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Bitcoin has rotated into a store of worth during equity accent arsenic the VIX surged 53% and the S&P 500 dropped 2.5%, with Bitcoin rising 7% and trading adjacent $70,800 arsenic investors displacement superior distant from declining stocks toward alternate assets that historically payment from Fed complaint cuts.
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While the S&P 500 has dropped astir 2.5% implicit the past period and the VIX has surged 53% successful a azygous period to awesome elevated marketplace stress, Bitcoin has softly moved successful the other direction. That divergence is reflected successful the caller show of these 3 ETFs.
All 3 Bitcoin ETFs posted gains implicit the past month, with iShares Bitcoin Trust ETF (NASDAQ:IBIT) up 5.43% and Bitwise Bitcoin ETF (NYSEARCA:BITB) up 5.4%, astir identical results fixed some clasp existent Bitcoin directly. The underlying operator is simple: Bitcoin itself roseate 7% implicit the aforesaid period.
ProShares Bitcoin ETF (NYSEARCA:BITO), which uses futures contracts alternatively than spot Bitcoin, captured astir of that determination with a 5.08% gain, though its structural costs kept it somewhat down the spot funds. All 3 outpaced the S&P 500 by a wide margin, with Bitcoin trading adjacent $70,800 arsenic of this morning.
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IBIT and BITB are spot ETFs, meaning they clasp existent Bitcoin. Their show tracks the coin astir directly. BITO works differently: it holds CME Bitcoin futures contracts alternatively than Bitcoin itself, which introduces a structural outgo called "roll drag" each clip contracts expire and indispensable beryllium renewed. That's wherefore BITO's one-month summation trailed the spot ETFs slightly, and it besides explains wherefore BITO has returned -12.67% since its October 2021 motorboat adjacent arsenic Bitcoin's semipermanent trajectory has been sharply higher.

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