Regarding ETF(BITO) Lagging or something else

Hello Everyone, I am having problems understanding this ETF BITO that tracks Bitcoin futures and they did mention this can lag in prices and they take out management fees from it. But why the price difference is so much. For example On february 16/2024 BTC price was between 50k to 53kUSD and BITO price was 24.00 to 24.50. But yesterday(May3rd/2034) BTC was 59k to 61k usd and BITO(ETF) was 24.50 to 25.20. What am I missing here is it the volatility?? or something else with these etfs ? that i don't understand?

Thank you