This is nonsense for a very simple reason. If there is gold price increase there wr
Agree. The only valid use case I can think of would be a whale protecting their position at the top of the market when they know they have a large fiat expense coming up (eg tax) and they don't want to cash out yet. The problem is they can't use BTC to underwrite the trade (it has to be Fiat) so it's useless even for simple hedging.
Tone's recent interview with Ugly Goat explains the whole scenario well:
https://www.youtube.com/watch?v=gXUEfZY4zRkCBOE rules allow the futures to be linked to trades of underlying positions held on Gemini, called an Exchange of Contract for Underlying Position. So you can trade BTC on Gemini for BTC futures on CBOE. And you can sell your future for real bitcoin.
Thank
In other words, can the underlying position on Gemini be short too, or can it only be long?