Federal Register - August 23, 2021
Version en texte Qu'est-ce que c'est?Dateas est un site Web indépendant, non affilié à un organisme gouvernemental. La source des documents PDF que nous publions est l'agence officielle indiquée dans chacun d'eux. Les versions en texte sont des transcriptions non officielles que nous faisons pour fournir de meilleurs outils d'accès et de recherche d'informations, mais peuvent contenir des erreurs ou peuvent ne pas être complètes.
Source: Federal Register
47182
Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Notices
The Sponsor further believes that academic research corroborates the overall trend outlined above and supports the thesis that the Bitcoin
Futures pricing leads the spot market and, thus, a person attempting to manipulate the Shares would also have to trade on that market to manipulate
the ETP. Specifically, the Sponsor believes that such research indicates that bitcoin futures lead the bitcoin spot market in price formation.51
paper concludes that There exist no episodes where the Bitcoin spot markets dominates the price discovery processes with regard to Bitcoin futures.
This points to a conclusion that the price formation originates solely in the Bitcoin futures market. We can, therefore, conclude that the Bitcoin futures
markets dominate the dynamic price discovery process based upon time-varying information share measures. Overall, price discovery seems to occur in the Bitcoin futures markets rather than the underlying spot market based upon a time-varying perspective.
VerDate Sep<11>2014
18:11 Aug 20, 2021
Jkt 253001
PO 00000
Frm 00133
Fmt 4703
Sfmt 4703
E:FRFM23AUN1.SGM
23AUN1
EN23AU21.002
51 See Hu, Y., Hou, Y. and Oxley, L. 2019.
What role do futures markets play in Bitcoin pricing? Causality, cointegration and price discovery from a time-varying perspective available at: https www.ncbi.nlm.nih.gov/pmc/
articles/PMC7481826/. This academic research
EN23AU21.001
jbell on DSKJLSW7X2PROD with NOTICES
BILLING CODE 801101C
