The report states that the ProShares Bitcoin Strategy ETF (BITO) has begun to turn its August contracts into contracts that expire later, possibly causing downward pressure on contracts earlier in the month. Yesterday, BITO renewed over 1,000 contracts in August and by Friday it will renew another 3,000 contracts in August. In the past, when the fund rolled over exposures, monthly forward contracts tended to move towards spot discounts, according to Arcane.