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Long time no see, my friend~ ^_^ Below is just my personal opinion.
I think it is not a coincidence that the Futures market emerged at the same time as the collapse of the Coin market bubble. In the Coin market where there is no upper limit, I believe that new transactions (other than Spot trading) such as Futures and Margin are helping the Coin market to stabilize. In the case of BTC, based on daily trading volume, there is more Margin(Bitmex etc) than Spot, and Futures(CME +CBOE) than Margin. In order for big investors with huge amounts to make a profit, by short or long positions, they will put pressure on BTC prices in the direction of giving them money. In particular, in the case of Futures, the expiration date(last trading day), end of the final fight(Long vs Short) for their profits, is expected to make a big difference. I hope this answers your question. Let me know if you have any other comments.^_^