Post
Topic
Board Bitcoin Discussion
Re: Will CME's and CBOE's bitcoin futures affect the market?
by
Super T
on 10/12/2017, 22:20:29 UTC

2> The CME futures are financially settled, as opposed to physically settled.  While not confirmed, this will be based on an index of real exchanges such as GDAX.  But, this only matters for contract expiration.  (The daily settle will be based solely on the price of the futs themselves, not on external real exchanges such as GDAX.)


Settled against Gemini.

From CBOE website: http://cfe.cboe.com/cfe-products/xbt-cboe-bitcoin-futures?utm_campaign=bitcoin-futures&utm_medium=vanity-url&utm_source=na

"XBT futures are cash-settled contracts based on the Gemini's auction price for bitcoin, denominated in U.S. dollars."

This is likely responsible for recent GBTC correction. https://seekingalpha.com/article/4130800-bitcoin-investment-trust-set-big-correction