Another issuer is tapping the breaks on a futures-backed Bitcoin exchange-traded fund as expensive roll costs loom large. Bitwise Asset Management is dropping its application to list a Bitcoin futures ETF, while keeping its filing for a physically backed fund, Chief Investment Officer Matt Hougan tweeted Wednesday. That follows a similar move by Invesco Ltd., which announced it wouldn’t pursue its futures-based ETF just hours before the first one launched last month. The decision boils down to the structure of the Bitcoin futures curve, according to Hougan. The inherent scarcity of Bitcoin means that longer-dated ... (full story)