Re: [2018-07-12] Bitcoin Futures Volume Spike As Cboe Awaits ETF Decision
⭐ Merited by Rahar02 (2)
I am not a big supporter of these Bitcoin Futures, because I think it creates incentives to manipulate the Bitcoin price. These people have a lot of fiat to be in a position to manipulate the price on several exchanges. 
The futures markets shouldn't *yet* be taken seriously. People think they are important and manipulative because the price went down after CME went live with its markets. For some odd reason people don't believe that this market can move without it being manipulated or influenced by external elements. The mainstream media made the futures markets look like a monster, and they add fuel to the fire by pointing out that the tulip bulb mania ended when futures were introduced.
Let's look at the volumes of the futures markets of yesterday.
CBOE; 1117 contracts worth 1117BTC = $7,000,000
CME; 1740 contracts worth 8700BTC = $54,000,000
Bitcoin's 24H volume $3,500,000,000
These future markets aren't even enough to tickle Ethereum.