Hi Guys,
The market in general is down today. Lately the market is boring. No real spectaculair increases. Yesterday Steem went up by 45% which felt good. Today the CME BTC futures is expiring. I am hearing people talking about this and the impact of these futures on the BTC price. If we look at the daily volumes of the CME futures I can not imagine that this will impact the BTC price.
One bitcoin futures contract is a position on 5 BTC. The highest daily volume observed (see graph from CME's website) is slightly higher than 3.000 contracts ie 15.000 BTCs in one day.
The 24 hour volume in BTC is $8,8 billion ie 800.000 BTC, hence the volume of the BTC future contracts should not be relevant for the price of BTC. I don't see the impact of BTC futures on the BTC price.
Take care and have a nice weekend.
