why is BITO no longer tracking BTC?

I was using BITO to get BTC exposure and use options.

But recently it's no longer tracking.

Seems perplexing.

 

This is wrong

You can’t look at just the prices bc BITO gives dividends (from interest and profits from rolling the contacts)

if you had total return it would be closer.

 

Not a huge difference:

BITO vs. BTC-USD - Performance Comparison
In the year-to-date period, BITO achieves a 61.46% return, which is higher than BTC-USD's 57.76% return.

https://portfolioslab.com/tools/stock-comparison/BITO/BTC-USD

 

Here's my data YTD. Looks pretty close. Maybe your graph is ignoring dividends?