This paper explores empirically the behavior of the Chicago Mercantile Exchange (CME) bitcoin futures contract. The … analysis focuses on the time period between the launch of the CME bitcoin futures contract on December 18, 2017, and September … 17, 2018. The behavior of the bitcoin spot market and CME futures market is compared and analyzed along several …

low cost. Theorists have modeled futures contracts as tools for risk management, despite an extensive empirical literature … firms as using futures contracts to arbitrage, to minimize transaction costs, to substitute temporarily for merchandising … contracts. Because commercial firms tie their processing and storage decisions to the constellation of futures prices, futures …