Both once the CBOE future expired now, if the CME bitcoin future is coming settlement, there was a considerable reduction in the bitcoin price. Both futures has a good low volume and i also would reckon that they are dominated by a unitary liquidity provider\/market maker. Forex maker is most likely short the longer term and perhaps long lots of. At expiry, they’ll profit if your price is low where you can border after settlement once the cost rebounds. Sadly both CME and CBOE has chosen an extremely bad settlement processes that are easy to manipulate. For CBOE it’s the auction price for Gemini – a young having a tiny volume most of the time.

CME’s model is much better, but still not very good, VWAP on the four major exchanges a very good idea, however, if that VWAP is calculated on one minute of trading it’s meaningless. With few large participants, the amount on this type of brief period is incredibly limited. Even though many large participants would have interests in different of such settlement processes they’d almost certainly have similar position and advantages from the same side from the market manipulation. The VWAP must have been calculated over a long time instead). In conclusion is the fact that we likely will see a lot of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.

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