Both when the CBOE future expired and from now on, once the CME bitcoin future is originating settlement, there was an amazing loss of the bitcoin price. Both futures has a significant low volume i would guess that these are covered with a single liquidity provider\/market maker. Forex maker is probably short the longer term and maybe long the spot. At expiry, they’ll profit if the cost is low where you can border after settlement if the cost rebounds. Sadly both CME and CBOE has chosen a really bad settlement processes that are an easy task to manipulate. For CBOE oahu is the auction price for Gemini – a young with a very small volume generally.

CME’s model is much better, but nonetheless 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 kind of brief time span is very limited. Even though many large participants would have interests in a of those settlement processes they’d probably have a similar position and benefits from precisely the same side with the market manipulation. The VWAP must have been calculated over many hours instead). Concluding is that we likely will see a lots of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.

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