Both when the CBOE future expired now, in the event the CME bitcoin future is arriving settlement, there was a considerable loss of the bitcoin price. Both futures has a significant low volume and that i would estimate that they may be covered with one single liquidity provider\/market maker. Forex trading maker is most probably short the near future and possibly long the location. At expiry, they’ll profit if the cost is low this will let you border after settlement once the cost rebounds. Sadly both CME and CBOE has chosen an incredibly bad settlement processes which can be simple to manipulate. For CBOE it does not take auction price for Gemini – a young with a very small volume usually.
CME’s model is best, however not as good, VWAP around the four major exchanges is a good idea, however, if that VWAP is calculated on just one single minute of trading it’s meaningless. With few large participants, the amount on a real brief time span is extremely limited. Even if many large participants may have interests in any of the settlement processes they’d almost certainly have a similar position and advantages from exactly the same side in the market manipulation. The VWAP should have been calculated over hrs instead). Concluding is the fact that 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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