Both in the event the CBOE future expired and after this, when the CME bitcoin future is arriving settlement, there were a considerable loss of the bitcoin price. Both futures has a significant low volume and i also would reckon that they may be covered with one single liquidity provider\/market maker. Forex trading maker is most probably short the future and perchance long the spot. At expiry, they’ll profit if your prices are low and also have a border after settlement if the cost rebounds. Sadly both CME and CBOE has chosen a really bad settlement processes which might be simple to manipulate. For CBOE it does not take auction price for Gemini – a tender with a small volume generally.

CME’s model is best, however not very good, VWAP on the four major exchanges may be beneficial, however, if that VWAP is calculated on only one minute of trading it’s meaningless. With few large participants, the quantity on this type of brief time period is very limited. Even when many large participants may have interests in any of those settlement processes they’d most likely have a similar position and benefits from the identical side from the market manipulation. The VWAP must have been calculated over many hours instead). In conclusion is that we likely will discover a lots of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.

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