BITO (ProShares Bitcoin Strategy ETF): Tracks Bitcoin futures prices instead of directly holding Bitcoin spot, so its price fluctuations are affected by the futures market.

GBTC (Grayscale Bitcoin Trust): It is a closed-end fund that holds actual Bitcoin assets. However, since GBTC is traded in the over-the-counter market (OTC) and its shares cannot be increased or decreased at will, the price usually shows a premium or discount.

BITB (Bitwise Bitcoin ETF): If it is based on spot or similar contract structure, it may be closer to the spot price.

This shows that the market is bullish on BTC in the long run, so BITO GBTC will rise first and then fall because of the plunge in US stocks and the influx of safe-haven funds

And BITB's trend is very natural, directly anchoring BTC to fall first and then rise