Analyst: Cash-Settled Bitcoin Derivatives May Be Capping BTC Below $1M
- —Gromen says cash-settled BTC derivatives set the marginal price instead of physical supply and demand
- —Bitcoin's peak-to-peak compound growth has slowed sharply over two cycles since such products launched
- —He compares the setup to the "credit gold" market that emerged in London in the mid-1980s
- —Gromen has held BTC since 2013 and says he still owns bitcoin
Why it matters: If cash-settled derivatives are capping upside, it changes long-term return expectations for BTC holders.
Source: Bitcoin Sistemi