Think of a pile of gold in a vault somewhere, against which shares are issued and sold on the open market.
But in terms of counterparties, when you own gold or you own bitcoin, the price is the price, and you own what you own regardless of how that affects anybody else in the world.
If you own bitcoin directly, or even a spot ETF, you don’t have decay.
Goldbugs have been complaining for decades how the paper futures markets don’t reflect the underlying value of spot gold.
In that sense, trading futures ETFs is really more about betting on the price of the futures itself than on the underlying asset that the futures represent.
The Bitwise fund is mostly allocated to the top two cryptocurrencies by market cap, with 63% in bitcoin and 26% in ethereum.
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