The report said the ProShares Bitcoin Strategy ETF (BITO) has begun rolling its August contracts into contracts that expire later, possibly causing downward pressure on the front-month contracts. Yesterday, BITO rolled over 1,000 August contracts and will roll over a further 3,000 August contracts by Friday. Previous times when the fund rolled over exposures, front-month contracts have tended to move toward discounts to spot, according to Arcane.
