Bitcoin and the Bitcoin ETF have followed a similar trajectory, but the performance gap is worth paying attention to. Since May, both have gone through a rough stretch, with returns plunging below -20% around June and July before staging a strong recovery in the following months. Now, the Bitcoin ETF (BITB) is up 4.43%, while BTC-USD sits at 3.02% on the chart. ➺ The Bitcoin ETF is ahead by 1.41 percentage points over the period shown. ➺ Both have recovered significantly from their summer lows, although momentum appears to be cooling after the October highs. The next question is whether the ETF can hold on to its lead or if Bitcoin will close the gap as the market moves forward. Thoughts?