Both in the event the CBOE future expired and from now on, once the CME bitcoin future is on its way settlement, there was a considerable reduction in the bitcoin price. Both futures has a significant low volume and i also would reckon that they’re covered with a unitary liquidity provider\/market maker. Forex trading maker is most probably short the longer term and maybe long lots of. At expiry, they’ll profit when the cost is low and have a border after settlement if the cost rebounds. Sadly both CME and CBOE has chosen an extremely bad settlement processes that are an easy task to manipulate. For CBOE oahu is the auction price for Gemini – a tender using a very small volume most of the time.

CME’s model is better, however of low quality, VWAP about the four major exchanges is a good idea, but when that VWAP is calculated on just one single minute of trading it’s meaningless. With few large participants, the quantity on this type of brief time span is very limited. Even if many large participants may have interests in any of the settlement processes they’d more than likely have a similar position and advantages from precisely the same side from the market manipulation. The VWAP should have been calculated over a long time instead). Concluding is the fact that we likely will see a large amount of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.

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