Causality Relationship between Spot and Futures Bitcoin Prices in CME

To protect against risks arising from fluctuations in spot prices and better manage risk, investors might evaluate futures markets. The role of price discovery the markets possibility reducing certain increase importance researching relationship between prices. This study aims to determine whether there is a Bitcoin this end, two analyzed using Johansen Cointegration analysis Vector Error Correction Model (VECM) daily data period 02.23.2017 – 08.31.2021. Unit root tests show that each series are not stationary at level values first differences stationary. results cointegration long-term equilibrium bitcoin market market, it single vector. Granger causality test based on vector error correction model was used series. It has been determined unidirectional market. new financial tool attracts attention investors. Investors make transactions for speculative purposes. Therefore, unlike other investment instruments, affect