摘要：Bitcoin futures were launched by the Chicago Board of Options Exchange and the Chicago Mercantile Exchange group
on December 18th, 2017. This study stands as a first attempt to explore the reactions of Bitcoin spot market to the
launch of futures contracts. Using an event-study methodology and an adjusted asset pricing model, we show that
Futures trading drove up the price of Bitcoin immediately after the announcement day. This reaction started to
decrease noticeably following the launch of the futures contracts. Such outcome seems in line with the trading
behavior that typically accompanies the launch of futures markets for an asset.
