  In December 2017, two leading derivative exchanges, CBOE and CME, introduced
the first regulated Bitcoin futures. Our aim is estimating their causal impact
on Bitcoin volatility and trading volume. Employing a new causal approach,
C-ARIMA, we find that the CME future triggered an increase in both outcomes.
There is also evidence of a positive volume-volatility relationship and that
the effect on volatility was partially due to the higher trading volumes
induced by the launch of the contract. After controlling for the effect on
volumes, we find that the CME instrument caused Bitcoin volatility to increase
by more than double.
