Both when the CBOE future expired now, when the CME bitcoin future is originating settlement, there is a substantial reduction in the bitcoin price. Both futures has quite a low volume and i also would estimate that they may be dominated by one liquidity provider\/market maker. Forex maker is usually short the future and perhaps long the location. At expiry, they’ll profit if your costs are low and have a border after settlement once the cost rebounds. Sadly both CME and CBOE has chosen a really bad settlement processes which can be all to easy to manipulate. For CBOE oahu is the auction price for Gemini – a young using a tiny volume more often than not.

CME’s model is best, however not very good, VWAP around the four major exchanges is a great idea, but if that VWAP is calculated on just one single minute of trading it’s meaningless. With few large participants, the degree on this kind of brief span of time is extremely limited. Even when many large participants might have interests in almost any of those settlement processes they’d most likely have the same position and benefits from exactly the same side with the market manipulation. The VWAP must have been calculated over hrs instead). In conclusion is always that we likely will discover 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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