I'll contend: futures will affect the direction of bitcoin price movements. With 100x leverage, whichever direction of value, up or down constitutes a path of least resistance, will determine a majority of movement. Prior to the introduction of leverage, traders may have targeted future price movements based on analysis of market mechanics, majority-wise. Post leverage era, whatever percentage gains are available from harnessing normal price movements utterly pale in comparison to 100x leverage, which could mean we'll see a siginificant shift in trading strategy.

Looking at crypto price movements post futures, the added volatility and price swings could be attributed to shifts in trading strategy which target small percentage moves towards a path of least resistance rather than the large percentage moves which were targeted in the past based on market mechanics projections.