{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,9,24]],"date-time":"2025-09-24T09:16:52Z","timestamp":1758705412535,"version":"3.40.3"},"publisher-location":"Cham","reference-count":32,"publisher":"Springer International Publishing","isbn-type":[{"type":"print","value":"9783030533557"},{"type":"electronic","value":"9783030533564"}],"license":[{"start":{"date-parts":[[2020,1,1]],"date-time":"2020-01-01T00:00:00Z","timestamp":1577836800000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2020,1,1]],"date-time":"2020-01-01T00:00:00Z","timestamp":1577836800000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2020]]},"DOI":"10.1007\/978-3-030-53356-4_6","type":"book-chapter","created":{"date-parts":[[2020,10,1]],"date-time":"2020-10-01T14:06:10Z","timestamp":1601561170000},"page":"91-103","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["The Speculative (In)Efficiency of the CME Bitcoin Futures Market"],"prefix":"10.1007","author":[{"given":"Toshiko","family":"Matsui","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Lewis","family":"Gudgeon","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2020,10,2]]},"reference":[{"key":"6_CR1","doi-asserted-by":"publisher","first-page":"228","DOI":"10.1016\/j.frl.2018.03.017","volume":"27","author":"KH Al-Yahyaee","year":"2018","unstructured":"Al-Yahyaee, K. H., Mensi, W., & Yoon, S. M. (2018). Efficiency, multifractality, and the long-memory property of the bitcoin market: A comparative analysis with stock, currency, and gold markets. Finance Research Letters, 27, 228\u2013234. \nhttps:\/\/doi.org\/10.1016\/j.frl.2018.03.017\n\n.","journal-title":"Finance Research Letters"},{"issue":"1","key":"6_CR2","doi-asserted-by":"publisher","first-page":"30","DOI":"10.1080\/13504851.2014.916379","volume":"22","author":"C Baek","year":"2015","unstructured":"Baek, C., & Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? a first look. Applied Economics Letters, 22(1), 30\u201334. \nhttps:\/\/doi.org\/10.1080\/13504851.2014.916379\n\n.","journal-title":"Applied Economics Letters"},{"key":"6_CR3","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.econlet.2017.09.013","volume":"161","author":"AF Bariviera","year":"2017","unstructured":"Bariviera, A. F. (2017). The inefficiency of bitcoin revisited: A dynamic approach. Economics Letters, 161, 1\u20134. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2017.09.013\n\n.","journal-title":"Economics Letters"},{"issue":"7","key":"6_CR4","doi-asserted-by":"publisher","first-page":"803","DOI":"10.1002\/fut.22004","volume":"39","author":"DG Baur","year":"2019","unstructured":"Baur, D. G., & Dimpfl, T. (2019). Price discovery in bitcoin spot or futures? Journal of Futures Markets, 39(7), 803\u2013817. \nhttps:\/\/doi.org\/10.1002\/fut.22004\n\n.","journal-title":"Journal of Futures Markets"},{"issue":"3","key":"6_CR5","doi-asserted-by":"publisher","first-page":"249","DOI":"10.1080\/00036849400000006","volume":"26","author":"SE Beck","year":"1994","unstructured":"Beck, S. E. (1994). Cointegration and market efficiency in commodities futures markets. Applied Economics, 26(3), 249\u2013257. \nhttps:\/\/doi.org\/10.1080\/00036849400000006\n\n.","journal-title":"Applied Economics"},{"key":"6_CR6","doi-asserted-by":"crossref","unstructured":"Bilson, J. (1981). The \u201cspeculative efficiency\u201d hypothesis. The Journal of Business, 54(3), 435\u201351. \nhttps:\/\/EconPapers.repec.org\/RePEc:ucp:jnlbus:v:54:y:1981:i:3:p:435-51","DOI":"10.1086\/296139"},{"key":"6_CR7","unstructured":"Bodie, Z., Kane, A. & Marcus, A. J. (2013). Investments."},{"key":"6_CR8","doi-asserted-by":"crossref","unstructured":"Brock, W., Lakonishok, J. & LeBaron, B. (1992). Simple technical trading rules and the stochastic properties of stock returns. The Journal of Finance, 47(5), 1731\u20131764. \nhttp:\/\/www.jstor.org\/stable\/2328994\n\n.","DOI":"10.1111\/j.1540-6261.1992.tb04681.x"},{"issue":"4","key":"6_CR9","doi-asserted-by":"publisher","first-page":"575","DOI":"10.1016\/S0378-4266(86)80006-1","volume":"10","author":"G Canarella","year":"1986","unstructured":"Canarella, G., & Pollard, S. K. (1986). The \u2018eefficiency\u2019 of the london metal exchange: A test with overlapping and non-overlapping data. Journal of Banking & Finance, 10(4), 575\u2013593. \nhttps:\/\/doi.org\/10.1016\/S0378-4266(86)80006-1\n\n.","journal-title":"Journal of Banking & Finance"},{"key":"6_CR10","doi-asserted-by":"publisher","first-page":"32","DOI":"10.1016\/j.frl.2019.04.027","volume":"31","author":"S Corbet","year":"2019","unstructured":"Corbet, S., Eraslan, V., Lucey, B., & Sensoy, A. (2019). The effectiveness of technical trading rules in cryptocurrency markets. Finance Research Letters, 31, 32\u201337. \nhttps:\/\/doi.org\/10.1016\/j.frl.2019.04.027\n\n.","journal-title":"Finance Research Letters"},{"key":"6_CR11","doi-asserted-by":"publisher","first-page":"23","DOI":"10.1016\/j.econlet.2018.07.031","volume":"172","author":"S Corbet","year":"2018","unstructured":"Corbet, S., Lucey, B., Peat, M., & Vigne, S. (2018). Bitcoin futures - what use are they? Economics Letters, 172, 23\u201327. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2018.07.031\n\n.","journal-title":"Economics Letters"},{"key":"6_CR12","doi-asserted-by":"publisher","first-page":"81","DOI":"10.1016\/j.frl.2017.12.006","volume":"26","author":"S Corbet","year":"2018","unstructured":"Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the bitcoin and ethereum bubbles. Finance Research Letters, 26, 81\u201388. \nhttps:\/\/doi.org\/10.1016\/j.frl.2017.12.006\n\n.","journal-title":"Finance Research Letters"},{"key":"6_CR13","unstructured":"Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383\u2013417. \nhttps:\/\/EconPapers.repec.org\/RePEc:bla:jfinan:v:25:y:1970:i:2:p:383-417\n\n."},{"issue":"2","key":"6_CR14","doi-asserted-by":"publisher","first-page":"133","DOI":"10.1080\/00036848100000020","volume":"13","author":"BA Goss","year":"1981","unstructured":"Goss, B. A. (1981). The forward pricing function of the london metal exchange. Applied Economics, 13(2), 133\u2013150. \nhttps:\/\/doi.org\/10.1080\/00036848100000020\n\n.","journal-title":"Applied Economics"},{"key":"6_CR15","doi-asserted-by":"crossref","unstructured":"Gross, M. (1988). A semi-strong test of the efficiency of the aluminum and copper markets at the lme. The Journal of Futures Markets (1986-1998), 8(1), 67.","DOI":"10.1002\/fut.3990080106"},{"key":"6_CR16","unstructured":"Hansen, L. & Hodrick, R. (1980). Forward exchange rates as optimal predictors of future spot rates: An econometric analysis. Journal of Political Economy, 88(5), 829\u201353. \nhttps:\/\/EconPapers.repec.org\/RePEc:ucp:jpolec:v:88:y:1980:i:5:p:829-53\n\n."},{"key":"6_CR17","unstructured":"Houben, R. & Snyers, A. (2020). Crypto-assets: Key developments,regulatory concerns and responses (april 2020). Policy Department for Economic, Scientific and Quality of Life Policies"},{"key":"6_CR18","doi-asserted-by":"publisher","first-page":"280","DOI":"10.1016\/j.frl.2017.12.009","volume":"25","author":"Y Jiang","year":"2018","unstructured":"Jiang, Y., Nie, H., & Ruan, W. (2018). Time-varying long-term memory in bitcoin market. Finance Research Letters, 25, 280\u2013284. \nhttps:\/\/doi.org\/10.1016\/j.frl.2017.12.009\n\n.","journal-title":"Finance Research Letters"},{"key":"6_CR19","doi-asserted-by":"publisher","first-page":"62","DOI":"10.1016\/j.econlet.2018.10.031","volume":"174","author":"B Kapar","year":"2019","unstructured":"Kapar, B., & Olmo, J. (2019). An analysis of price discovery between bitcoin futures and spot markets. Economics Letters, 174, 62\u201364. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2018.10.031\n\n.","journal-title":"Economics Letters"},{"key":"6_CR20","unstructured":"Kenourgios, D. & Samitas, A. (2005). Testing efficiency of the copper futures market: New evidence from london metal exchange. Finance, University Library of Munich, Germany. \nhttps:\/\/EconPapers.repec.org\/RePEc:wpa:wuwpfi:0512010\n\n."},{"key":"6_CR21","doi-asserted-by":"publisher","first-page":"367","DOI":"10.1016\/j.frl.2018.11.006","volume":"30","author":"G K\u00f6chling","year":"2019","unstructured":"K\u00f6chling, G., M\u00fcller, J., & Posch, P. N. (2019). Does the introduction of futures improve the efficiency of bitcoin? Finance Research Letters, 30, 367\u2013370. \nhttps:\/\/doi.org\/10.1016\/j.frl.2018.11.006\n\n.","journal-title":"Finance Research Letters"},{"issue":"3","key":"6_CR22","doi-asserted-by":"publisher","first-page":"235","DOI":"10.1111\/j.1467-8586.1988.tb00268.x","volume":"40","author":"R MacDonald","year":"1988","unstructured":"MacDonald, R., & Taylor, M. (1988). Metal prices, efficiency and cointegration: Some evidence from the london metal exchange. Bulletin of Economic Research, 40(3), 235\u2013240. \nhttps:\/\/doi.org\/10.1111\/j.1467-8586.1988.tb00268.x\n\n.","journal-title":"Bulletin of Economic Research"},{"key":"6_CR23","doi-asserted-by":"publisher","first-page":"19","DOI":"10.1016\/j.frl.2019.03.029","volume":"31","author":"W Mensi","year":"2019","unstructured":"Mensi, W., Lee, Y. J., Al-Yahyaee, K. H., Ahmet, S., & Seong-Min, Y. (2019). Intraday downward\/upward multifractality and long memory in bitcoin and ethereum markets: An asymmetric multifractal detrended fluctuation analysis. Finance Research Letters, 31, 19\u201325. \nhttps:\/\/doi.org\/10.1016\/j.frl.2019.03.029\n\n.","journal-title":"Finance Research Letters"},{"key":"6_CR24","doi-asserted-by":"publisher","first-page":"6","DOI":"10.1016\/j.econlet.2016.10.033","volume":"150","author":"S Nadarajah","year":"2017","unstructured":"Nadarajah, S., & Chu, J. (2017). On the inefficiency of bitcoin. Economics Letters, 150, 6\u20139. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2016.10.033\n\n.","journal-title":"Economics Letters"},{"key":"6_CR25","unstructured":"Nakamoto, S. (2009). Bitcoin: A peer-to-peer electronic cash system. \nhttp:\/\/www.bitcoin.org\/bitcoin.pdf\n\n."},{"key":"6_CR26","doi-asserted-by":"publisher","unstructured":"Otto, S. (2011). A speculative efficiency analysis of the london metal exchange in a multi-contract framework. International Journal of Economics and Finance, 1. \nhttps:\/\/doi.org\/10.5539\/ijef.v3n1p3\n\n.","DOI":"10.5539\/ijef.v3n1p3"},{"key":"6_CR27","unstructured":"Park, J. & Lim, B. (2018). Testing efficiency of the london metal exchange: New evidence. International Journal of Financial Studies, 6(1), 1\u201310. \nhttps:\/\/ideas.repec.org\/a\/gam\/jijfss\/v6y2018i1p32-d136280.html\n\n."},{"key":"6_CR28","unstructured":"Selgin, G. (2015). Synthetic commodity money. Journal of Financial Stability, 17(C), 92\u201399. \nhttps:\/\/EconPapers.repec.org\/RePEc:eee:finsta:v:17:y:2015:i:c:p:92-99\n\n."},{"key":"6_CR29","doi-asserted-by":"publisher","first-page":"68","DOI":"10.1016\/j.frl.2018.04.002","volume":"28","author":"A Sensoy","year":"2019","unstructured":"Sensoy, A. (2019). The inefficiency of bitcoin revisited: A high-frequency analysis with alternative currencies. Finance Research Letters, 28, 68\u201373. \nhttps:\/\/doi.org\/10.1016\/j.frl.2018.04.002\n\n.","journal-title":"Finance Research Letters"},{"key":"6_CR30","doi-asserted-by":"publisher","first-page":"80","DOI":"10.1016\/j.econlet.2016.09.019","volume":"148","author":"A Urquhart","year":"2016","unstructured":"Urquhart, A. (2016). The inefficiency of bitcoin. Economics Letters, 148, 80\u201382. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2016.09.019\n\n.","journal-title":"Economics Letters"},{"key":"6_CR31","doi-asserted-by":"publisher","first-page":"145","DOI":"10.1016\/j.econlet.2017.07.035","volume":"159","author":"A Urquhart","year":"2017","unstructured":"Urquhart, A. (2017). Price clustering in bitcoin. Economics Letters, 159, 145\u2013148. \nhttps:\/\/doi.org\/10.1016\/j.econlet.2017.07.035\n\n.","journal-title":"Economics Letters"},{"issue":"55","key":"6_CR32","doi-asserted-by":"publisher","first-page":"5950","DOI":"10.1080\/00036846.2018.1488076","volume":"50","author":"W Zhang","year":"2018","unstructured":"Zhang, W., Wang, P., Li, X., & Shen, D. (2018). Some stylized facts of the cryptocurrency market. Applied Economics, 50(55), 5950\u20135965. \nhttps:\/\/doi.org\/10.1080\/00036846.2018.1488076\n\n.","journal-title":"Applied Economics"}],"container-title":["Springer Proceedings in Business and Economics","Mathematical Research for Blockchain Economy"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/978-3-030-53356-4_6","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,10,1]],"date-time":"2020-10-01T14:12:34Z","timestamp":1601561554000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/978-3-030-53356-4_6"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020]]},"ISBN":["9783030533557","9783030533564"],"references-count":32,"URL":"https:\/\/doi.org\/10.1007\/978-3-030-53356-4_6","relation":{},"ISSN":["2198-7246","2198-7254"],"issn-type":[{"type":"print","value":"2198-7246"},{"type":"electronic","value":"2198-7254"}],"subject":[],"published":{"date-parts":[[2020]]},"assertion":[{"value":"2 October 2020","order":1,"name":"first_online","label":"First Online","group":{"name":"ChapterHistory","label":"Chapter History"}}]}}