Exactly. And worse, you can buy an arbitrary number of cash settled futures (as long as there's somebody on the other side of the deal) as the amount of future positions doesn't have to be backed by actual Bitcoin - unlike physically settled futures.
I suppose the actual market for Bitcoin is much smaller than everyone thinks, I mean in terms of the number of participants in it and the percentage of Bitcoin used to keep the markets running.
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Yep. It is ironic, not only are bitcoin futures derivatives, but since the current ones are cash settled and based on the price of bitcoin only (not the underlying bitcoin), it is almost like they are a derivative of a derivative... lol what could go wrong buying a derivative of a derivative?!