Both if the CBOE future expired and today, in the event the CME bitcoin future is arriving settlement, there was an important decrease in the bitcoin price. Both futures has a serious low volume i would guess that they’re covered with one liquidity provider\/market maker. The forex market maker is most likely short the long run and perchance long the location. At expiry, they’ll profit when the price is low where you can border after settlement once the cost rebounds. Sadly both CME and CBOE has chosen an incredibly bad settlement processes which can be all to easy to manipulate. For CBOE it is the auction price for Gemini – a tender having a tiny volume most of the time.

CME’s model is way better, however lower, VWAP about the four major exchanges may be beneficial, but when that VWAP is calculated on one minute of trading it’s meaningless. With few large participants, the amount on such a brief time period is incredibly limited. Even when many large participants might have interests in different of the settlement processes they’d probably have a similar position and advantages from the identical side with the market manipulation. The VWAP must have been calculated over a long time instead). Concluding is that we likely will discover a lot of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.

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