Both once the CBOE future expired now, in the event the CME bitcoin future is originating settlement, there is an important decrease in the bitcoin price. Both futures has a good low volume and that i would guess that these are covered with a unitary liquidity provider\/market maker. This market maker is probably short the longer term and perhaps long the location. At expiry, they’ll profit if the cost is low and have a border after settlement when the cost rebounds. Sadly both CME and CBOE has chosen an incredibly bad settlement processes that are easy to manipulate. For CBOE oahu is the auction price for Gemini – a tender which has a tiny volume generally.
CME’s model is best, however not very good, VWAP on the four major exchanges is a great idea, but when that VWAP is calculated on just one single minute of trading it’s meaningless. With few large participants, the volume on this kind of brief period is incredibly limited. Regardless if many large participants may have interests in a of such settlement processes they’d more than likely have a similar position and advantages from precisely the same side of the market manipulation. The VWAP should have been calculated over several hours instead). Concluding is we likely will discover a great deal of strange market activity around each future expiration and expect a rebound after 3 pm Central time today!.
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